Capital Markets & Securities Law Watch

On February 20, 2024, the United States Supreme Court denied a petition for writ of certiorari and declined to review the 3-0 decision of the United States Court of Appeals for the Second Circuit (the Second Circuit) in Kirschner v. JP Morgan Chase Bank, N.A., which held that certain syndicated loan notes were not securities. By refraining from hearing the case, the Supreme Court left the Second Circuit’s decision in place. The result is that syndicated loan lenders do not need to comply with securities laws in the ordinary course of selling syndicated loan notes to other lenders.