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Second Circuit Rules That Syndicated Loans Are Not

On August 24, 2023, the U.S. Court of Appeals for the Second Circuit in Kirschner1 unanimously held that notes evidencing syndicated loans2 do not plausibly qualify as "securities" covered. ....

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Second Circuit Considers Whether Certain Loans Are Securities - Financial Services

Term loan Bs or TLBs are term loans made to corporate entities and syndicated through a bank agent to a group of institutional lenders. ....

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