Ranesh Ramanathan

Aug 28, 2023 | lexology.com | Parvin Moyne |Peter Altman |Michael Asaro |Katherine Goldstein |Daniel Fisher |Ranesh Ramanathan | +3 more

Key PointsOn August 24, 2023, a three-judge panel of the 2nd Circuit that the syndicated term loans at issue were not “securities” under the test articulated by the Supreme Court in Reves v. Ernst & Young. The syndicated loan market and the financing markets, in general, will welcome the 2nd Circuit’s decision, which comports with customary practices that have been in place for decades.