January 19, 2023 - The U.S. Court of Appeals for the 2^nd Circuit scheduled oral argument for March 9, 2023 in a case that will decide whether syndicated Term Loan Bs are subject to state (and, by association, federal) securities laws.  The case, Kirschner v. JPM, is on appeal from a decision by a judge in the Southern District of New York who ruled that the securities laws did not apply.  As we’ve reported, the LSTA submitted an amicus brief to the 2^nd Circuit supporting that view.  We will continue to follow the case closely.