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MEMORANDUM OPINION & ORDER   Plaintiff Marc S. Kirschner — in his capacity as trustee of the Millennium Lender Claim Trust (the “Trust”) — brings this action against J.P. Morgan Chase Bank, N.A. (“Chase”), J.P. Morgan Securities LLC (“JPM Securities”), Citibank, N.A. (“Citibank”), Citigroup Global Markets, Inc. (“CitiGlobal”), Bank of Montreal, BMO Capital Markets Corp., SunTrust Bank, and SunTrust Robinson Humphrey, Inc. (collectively, “Defendants”) alleging violations of various state securities laws; negligent misrepresentation; breach of fiduciary duty; breach of contract; and breach of the implied covenant of good faith and fair dealing. (Cmplt. (Dkt. No. 1-1)) Plaintiff’s claims arise out of a $1.775 billion syndicated loan transaction1 that closed on April 16, 2014. (Id.

1, 96) In that transaction, Defendants sold to the Trust’s beneficiaries — approximately seventy institutional investor groups, comprised of roughly 400 mutual funds, hedge funds, and other institutional investors (the “Investors”) — debt obligations of Millennium Laboratories LLC (“Millennium”) — a California-based urine drug testing company. (Id.

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