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On February 16, 2021, the United States District Court in the Southern District of New York (the “
Court”) issued a decision
In Re Citibank August 11, 2020 Wire Transfers that upheld the “discharge for value” doctrine and ruled that certain lenders (the “
Defendants”) were entitled to retain funds erroneously sent by the administrative agent (the “
Plaintiff”) under a credit facility to which the Defendants were a party. The decision largely relied upon the application of the facts in this case to precedent established in a 1991 New York Court of Appeals case (
Banque Worms v. BankAmerica International) involving a mistaken wire transfer of $2 million.
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On February 16, 2021, the United States District Court in the
Southern District of New York (the
Court ) issued
a decision
1 that upheld the discharge for value doctrine and ruled that certain
lenders (the
Defendants ) were entitled to retain
funds erroneously sent by the administrative agent (the
Plaintiff ) under a credit facility to which the
Defendants were a party. The decision largely relied upon the
application of the facts in this case to precedent established in a
1991 New York Court of Appeals case (
Banque Worms v.
SDNY decision In Re Citibank August 11, 2020 Wire Transfers that upheld the discharge for value doctrine and ruled that certain lenders were entitled to retain funds erroneously sent by the administrative agent under a credit facility to which the Defendants were a party.
A botched wire transfer resulted in one of the biggest blunders in banking history Feb 18, 2021, 11:57 AM
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The tower of Citigroup is pictured beside that of One Canada Square, in the Canary Wharf financial district on the Isle of Dogs, December 22, 2019 in London, England. (Photo by Jim Dyson/Getty Images)
A federal judge ruled on Tuesday Citigroup would not be able to recoup its $501 million mistake.
The New York judge s ruling calls the accident one of the biggest blunders in banking history.
We read through the 101-page court document to find four key takeaways.
A federal judge ruled Tuesday that Citigroup will not be able to recoup half a billion dollars of its own money that accidentally sent to Revlon creditors in a financial transaction gone awry last year.
A botched wire transfer resulted in one of the biggest blunders in banking history Here are 4 key takeaways from Citigroup s $893 million mistake businessinsider.in - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessinsider.in Daily Mail and Mail on Sunday newspapers.