Court Provides Additional Guidance On When Notes Are Not Securities - The Kirschner Case

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The loan market breathed an immense sigh of relief this spring with the ruling in Kirschner v. JPMorgan Chase Bank, N.A. 1 (“Kirschner”) affirming the prevailing market view that notes representing syndicated loans are not “securities.” The leveraged loan market has been operating for decades under the assumption that syndicated loans are not securities, perhaps shockingly without firm judicial or regulatory certainty to that effect.

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