The syndicated loan market can finally breathe a collective sigh of relief. On August 24th, in a unanimous decision, the United States Circuit Court of Appeals for the Second Circuit (the “Court”) affirmed the ruling by the District Court for the Southern District of New York (SDNY) in Kirschner v. JPM that a syndicated term...
In a huge win for the loan market, the 2nd Circuit just ruled in the Kirschner case that syndicated term Loans are not securities.

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