Securities
Apr. 17, 2026
Opaque loans, inflated values and a lawsuit that could crack private credit
Amid mounting stress in the opaque private credit market, Burnell v. BlackRock TCP Capital Corp. spotlights investor claims that lenders inflated portfolio values--raising the specter of litigation reminiscent of the 2008 financial crisis.
Many young litigators and businesspeople know the Great Financial Crisis of 2008 only as a chapter in a textbook. Driven in large part by high-risk lending in opaque and relatively unregulated corners of the financial market, a housing bubble burst when borrowers defaulted, spurring an international liquidity crisis and a wave of litigation against behemoths such as Bear Stearns and Countrywide. With warning signs of what may be a parallel financial crisis now starting to app...
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