Electronic communication has come a long way in a few short decades. In 2006, Rule 34 of the Federal Rules of Civil Procedure was amended to confirm that discovery of electronically stored information stood on equal footing...more
New York AG Letitia James filed a lawsuit against Citibank, N.A. alleging that the bank violated New York’s Executive Law and General Business Law by failing to enact sufficient data security measures or sufficiently respond...more
The New York Department of Financial Services (“NYDFS”) has brought action in Federal court against Citibank, N.A., alleging that the bank systemically failed to protect accountholders from rampant online scam activity,...more
This week’s Update features updates on several recently featured stories, including Booking.com’s ongoing payment and fraud challenges and new legislative efforts to limit junk fees....more
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
On September 8, 2022, the U.S. Court of Appeals for the Second Circuit reversed a judgment entered for a group of lenders (or their representatives) of cosmetics company Revlon, Inc. in a case over entitlement to $500 million...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
At the intersection of commercial finance, technology, and the law, this bi-monthly newsletter explores the emerging legal topics impacting the secured lending and equipment finance industry. Thought-leading attorneys from...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
It is generally the law that mistakenly-received funds must be returned to the sender. Last summer, we covered in detail the now-familiar Revlon case in which that understanding was tested and, surprisingly, not followed.* On...more
A February 16, 2021 decision of the United States District Court for the Southern District of New York held, in In re Citibank August 11, 2020 Wire Transfers, 520 F. Supp. 3d 390, that lenders who received almost $900 million...more
A three-judge panel of the 2nd U.S Circuit Court of Appeals on Sept. 8, 2022, reversed a decision of the U.S. District Court for the Southern District of New York regarding lenders who refused to return funds that were...more
In a long-anticipated decision, on September 8, 2022, the United States Court of Appeals for the Second Circuit (the “Second Circuit”) vacated the judgment of the Southern District of New York (the “District Court”) in, In re...more
On September 8, Second Circuit ruled that lenders must return $500 million to Citibank, which had mistakenly wired the funds to them. The decision vacates a 2021 Southern District of New York ruling, which held that the...more
Our Finance and Financial Services Litigation Groups examine why the Second Circuit vacated the district court’s ruling that Revlon’s creditors could keep a mistakenly sent $500 million payment....more
Revlon Bankruptcy Complicated by Citi’s $900 Million Error | Financial Times - As Revlon prepares for restructuring negotiations following its bankruptcy filing last week, it faces complications with identifying its...more
Holland & Knight's Venezuela Focus Team invites you to read our Venezuela Update, in which we discuss the latest news, trends and developments in Venezuela that impact the interests of businesses across all industry sectors. ...more
Holland & Knight's Venezuela Focus Team invites you to read our Venezuela Update, in which we discuss the latest news, trends and developments in Holland & Knight's Venezuela Update, produced in conjunction with...more
Few cases in recent memory have stirred up as much concern and controversy in the syndicated loan market—on both sides of the Atlantic—as the Revlon case. The ruling of the New York federal court in Revlon was that the...more
I read this story about Citibank's mistaken transfer—which cost it about half a billion dollars—a while back, and the sheer improbability of the mistake struck me. How could a banking giant make a blunder of such staggering...more
Akerman recently obtained judgments from Texas’s 9th and 14th courts of appeals on behalf of Shellpoint Mortgage Servicing reversing Harris and Jefferson county district court judgments invalidating its liens based on the...more
Because volatility’s the name of the game whenever we’re talking cryptos, it’s hard to be too shocked by the news that last week’s banner Coinbase public market debut gave way to a digital currency walkback this weekend that...more