On Friday, May 22, 2020, in the closely watched Millennium Health case, Judge Gardephe issued a Memorandum Opinion and Order granting the defendants’ motion to dismiss, including the six causes of action in the plaintiff’s petition under the securities laws of California, Colorado, Illinois and Massachusetts, and holding that the leveraged loans at issue were not securities under the blue sky laws of such states on the basis of a Reves analysis. The US leveraged loan markets will await further developments in this case, which is further discussed in this Legal Update.

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