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To embed, copy and paste the code into your website or blog: 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.[1] The ruling of the New York federal court in Revlon was that the recipients of erroneous wire transfers made by Citibank N.A. ( Citibank), acting in its capacity as administrative agent for a syndicated loan facility made available to Revlon, Inc., were entitled to keep almost $500 million of Citibank’s own money. This was notwithstanding the fact that Citibank had only intended to transfer $7.8 million in interest payments and not the $900 million or so that was actually transferred by mistake. Indeed, had it not been for some of the recipients returning the mistaken payment they received, Citibank’s losses could have been even more significant.

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