On Aug. 24, the U.S. Court of Appeals for the Second Circuit issued its highly anticipated decision in the case of Kirschner v. J.P. Morgan Chase Bank NA.

The three-judge panel unanimously upheld the district court's decision, and affirmed the long-standing market convention and expectation that syndicated term loans are not securities.

This article discusses the Second Circuit's decision, and provides some key takeaways for loan market participants in light of the decision.

Originally published by Law360 - September 1, 2023.