JPMorgan wins appeals ruling over leveraged loans, Bloomberg reports

The U.S. Court of Appeals in Manhattan ruled in favor of JPMorgan Chase (JPM) that a $1.8B leveraged loan at issue in a court case was not a security in a case that involved a 2014 loan sale, reported Bloomberg’s Bob Van Voris. A trustee for investors in the debt, Marc Kirschner, said the Wall Street firms that offered the debt, including JPMorgan, withheld key information and had the court ruled that the loan at issue in the case was a security, “it could have have sweeping ramifications of leveraged debt markets and ushered in more regulation and disclosures,” Bloomberg said. Other publicly traded large banks include Bank of America (BAC), Citi (C), Goldman Sachs (GS), Morgan Stanley (MS), U.S. Bancorp (USB) and Wells Fargo (WFC).