The U.S. District Court for the Southern District of New York held that certain syndicated loans sold to institutional investors are not "securities" and rejected claims of violations of federal and state securities laws.
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The First Department of the New York Appellate Division found that the seller of protection under a credit default swap ("CDS") did not act in bad faith when it took certain actions affecting the price of a security that effectively reduced the settlement amount owed by the seller under the CDS.