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
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
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
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
In the context of a series of complex re-financings and roll-up transactions by Revlon in May and June, 2020, human error caused a $500 million loss for Citibank. On 16 February 2021, in the case of In re Citibank August...more