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Second Circuit Rules In Favor Of Citibank In Accidental $500m Transfer In Revlon Loan Transaction - Financial Services

In a decision rendered September 8, 2022, a three-judge panel for the United States Court of Appeals for the Second Circuit vacated a February, 2021 decision by the United States District Court for the Southern District of New York.

Second Circuit Reverses Revlon Loan Transaction Decision

The Second Circuit vacated a February, 2021 decision by the District Court for the Southern District of New York in favor of the defendant loan managers which held the Loan Managers were not obligated to return an accidental payment by Citibank of approximately $500 million.

Second Circuit Rules in Favor of Citibank in Accidental $500m Transfer in Revlon Loan Transaction | Cadwalader, Wickersham & Taft LLP

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