A recent decision in Harbinger Capital Partners Master Fund I, Ltd. v. Wachovia Capital Markets, LLC, a case pending before the Supreme Court for New York County, has the potential to add further anxiety to an already jittery syndicated lending market. The decision on Wachovia’s motion to dismiss Harbinger’s complaints raises concerns about the liability of arrangers of syndicated loan facilities and the utility of boilerplate liability waivers in loan agreements. Regardless of how the case is ultimately decided, it provides a good opportunity for arrangers and lenders to reassess their exposure in this area.