Miranda Russell

Aug 30, 2023 | jdsupra.com | Seth Kleinman |Miranda Russell

In Kirschner, the Court of Appeals for the Second Circuit unanimously affirmed a district court order that held that notes evidencing term loans were not securities but rather “[l]oans issued by banks for commercial purposes.” [1] In the underlying matter, the District Court for the Southern District of New York dismissed a plaintiff-trustee’s state-law securities claims for failing to plead facts to plausibly suggest that notes issued in connection with a syndicated loan facility were...