Second Circuit Holds That Kirschner Syndicated Term Loans Are Not Securities
On August 24, 2023, the Second Circuit Court of Appeals issued its opinion in Kirschner v. JP Morgan Chase Bank, N.A., affirming the District Court’s finding that the defendants-appellees did not violate securities laws in connection with the syndication of term loans because the term loans did not constitute securities and thus were not subject to state securities laws.