Insights

New York—June 21, 2021: Crowell & Moring has expanded its Litigation Group in New York with the addition of partner Brian D. Hail, a seasoned commercial and financial services litigator with more than two decades of experience representing clients in complex disputes involving financial products, corporate transactions, and debt instruments.

On February 20, 2024, the Supreme Court finally brought the curtain down on the Kirschner v. JPMorgan Chase Bank, N.A. et al., action when it denied Plaintiff’s petition for certiorari that challenged the Second Circuit Court of Appeal’s determination that syndicated bank loans were not “securities.” While the Second Circuit made that decision in August, fears of significant market disruption were raised again in December, when the plaintiff asked the Supreme Court to review the case. But, as a result of the denial of cert, the Second Circuit decision stands, and for the time being, syndicated term loans will not be subject to securities regulation.