As we previously covered, on May 22, 2020, Judge Paul G. Gardephe of the United States District Court for the Southern District of New York dismissed a complaint asserting claims under state blue-sky laws as well as common-law claims against financial institutions that acted as arrangers on a syndicated term loan, holding that the term loan at issue was not a “security.”  2020 WL 2614765 (S.D.N.Y. May 22, 2020).  In October 2021, plaintiff filed an appeal to the Second Circuit challenging the issue of whether the syndicated loan in question was a security and therefore subject to securities laws and regulations.  No. 0:21-cv-02726 (2d Cir., Oct. 28, 2021).