On September 8, 2022, a three-judge panel in the United States Court of Appeals for the Second Circuit (the “Second Circuit”) reversed the United States District Court for the Southern District of New York (the “District...more
A recent decision by the Second Circuit Court of Appeals has saved Citibank from the ramifications of an internal error that could have cost it nearly $900 million. Although the recipients of an unintended transfer of...more
In a decision rendered September 8, 2022, a three-judge panel for the United States Court of Appeals for the Second Circuit (the “Court”) vacated a February, 2021 decision by the United States District Court for the Southern...more
Citibank’s balance sheet is likely breathing a sigh of relief. A Second Circuit panel held that the bank may finally recoup nearly $500 million in funds that it inadvertently wired to lenders almost two years ago. US...more
In what most will find a shocking and unjust ruling, on February 16, 2021, Judge Furman of the United States District Court for the Southern District of New York ruled in In re Citibank August 11, 2020 Wire Transfers that...more
Yesterday, I considered a billing error and how social media worked to have the company which sent the invoice pull back the incorrect invoice. Today, I want to consider an abject failure of financial controls which led to...more
In a decision issued Feb. 16, 2021, Judge Furman of the U.S. District Court for the Southern District of New York held that lenders who were mistakenly paid in full by Citibank (the “Agent”) could retain those funds because...more
On October 7, 2020, The Office of the Comptroller of the Currency (“OCC”) announced that it had assessed a $400 million civil penalty against Citibank, N.A. regarding alleged deficiencies in it enterprise-wide risk management...more
A recent arbitration decision by a federal district court in San Diego highlights the risk posed by the California Supreme Court’s 2017 decision in McGill v. Citibank. McGill held that California public policy precludes the...more
Financial institutions face enormous pressures with respect to anti-money laundering compliance. These burdens are about to grow with implementation of customer due diligence rules. In 2017, federal and state regulators...more
Big American banks (BofA, Citi, Morgan Stanley) are avoiding deals with Chinese conglomerate HNA Group over concerns regarding HNA’s debt level and ownership structure....more
The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted as a measure to promote financial stability and protection for consumers through increased regulation of nearly every aspect of the consumer finance...more
One of the interesting features accompanying the rise of automation and tech in the US workplace is the lack of any comprehensive means of tracking its pervasiveness. One panel of economists and consumer experts is...more
James Bardrick, the UK head of Citi Bank has warned that, regardless of the future deal agreed with the EU on the UK’s access to the EU financial services market, job losses will occur in London’s financial sector following...more
It was House day for Chair Yellen on the Hill, and if you guessed that in this election year her final appearance before this Congress was more about her questioners scoring political points than it was anything related to...more
We reported last week on the additional $2 billion that Uber took in through the leveraged loan market. Andrew Ross Sorkin gives us an interesting reason for why Uber’s still got its hat in hand ($15 billion cash in hand and...more
We’ve got numbers for Bayer’s unsolicited bid to buy Monsanto—a cash offer of $62 billion, representing a 37% premium on Monsanto’s May 9 closing price...more
The fallout from Lending Club’s surprise news about Renaud Laplanche’s departure continues, with Goldman Sachs and Jeffries LLC hitting the pause on planned LC bond sales – WSJ... A Treasury Department white paper...more
MetLife, accused by regulators of misleading tens of thousands of customers about variable annuities—“a product that retirees seek out for safety,” will pay a $25 million dollar fine for its actions. It’s the second-largest...more
As expected, the Fed kept interest rates at current levels and “once again pared its plans for raising interest rates, citing the weakness of the global economy as a reason for greater caution about the prospects for domestic...more
Citibank, N.A. has asked a federal district court to bless its $23 million settlement in a class action lawsuit alleging a wide-ranging conspiracy among banks to fix yen-denominated London Interbank Offered Rates (LIBOR)...more
On October 27, 2015, the Consumer Financial Protection Bureau (CFPB) released its latest Monthly Complaint Report, which provides an overview of three-month trends in consumer complaints. This Monthly Complaint Report also...more
This past July marked the fifth anniversary of the creation of the Consumer Financial Protection Bureau (CFPB), a period marked by sweeping changes to the regulatory and administrative environment in which financial...more
Many big cities in the United States responded to the fallout from the 2008 financial crisis by passing local laws which pressure banks to invest more in low-income neighborhoods. Between 2010 and 2013, cities such as New...more
REAL PROPERTY UPDATE - Adverse Possession: appellant entitled to judgment quieting title in her favor because appellant’s predecessor in title had adversely possessed disputed strip of land by having it enclosed by a...more