{"id":187828,"date":"2021-02-18T19:48:55","date_gmt":"2021-02-18T19:48:55","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=187828"},"modified":"2021-02-18T19:48:57","modified_gmt":"2021-02-18T19:48:57","slug":"citibank","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/citibank\/","title":{"rendered":"US court rules Citibank can\u2019t get back $500 million wired by mistake"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">US court ruled that Citibank can\u2019t get an amount of $500 million transferred by mistake for Revlon&#8217;s lenders, and that the recipients of the money can keep it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Citibank ,thus, lost a lawsuit to recover $500 million out of the $900 million, the total value of an amount that was mistakenly transferred.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The bank had filed the case in August of 2020, demanding the return of its money. The bank had intended to transfer $8 million, which is loan interest, to a group of cosmetics company lenders.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">While Citibank was able to recover $400 million, through its efforts before the court\u2019s ruling, it was unable to recover the remaining amount.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The American court justified its ruling, that the lenders had reason to believe that the transfer was intended. Citibank did not notice the mistake it had committed until about a day after the transfer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jesse Foreman, a US District Court judge in Manhattan, confirmed that the financial transfers executed to the lenders of Revlon, on August 11, 2020, were final and complete transactions and not subject to cancellation.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Citibank<\/strong> <strong>mistake<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Citibank described the mistake as a &#8220;banking mistake&#8221; that may be unprecedented in nature and scale.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The value of the amount transferred accidentally approaches the value of the syndicated loan, which will mature in full by 2023.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.google.com\/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwiv28XOmfTuAhVlqnEKHYCnAEIQFjAAegQICxAD&amp;url=https%3A%2F%2Fwww.citigroup.com%2Fciti%2F&amp;usg=AOvVaw1H12_6kZ6wkew71tVK-3S3\">Citigroup <\/a>announced its strong opposition to this decision, and that it intends to appeal against it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The group said that it should get the funds back, adding that it would continue to seek a full refund.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The law usually penalizes those who mistakenly spend money deposited into their accounts. Unintended transfers are common in the digital age and can be paid for instantly.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">However, New York law has exceptions to this rule. If the beneficiary is owed the money and he did not know that he transferred it by mistake, he can keep it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The US court ruled the lenders were justified in believing the payment was intentional. Citibank itself did not realize the magnitude of its mistake until nearly a day after.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion \u2014 would have been borderline irrational,&#8221; the court document said.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>US court ruled that Citibank can\u2019t get an amount of $500 million transferred by mistake for Revlon&#8217;s lenders, and that the recipients of the money can keep it. Citibank ,thus, lost a lawsuit to recover $500 million out of the $900 million, the total value of an amount that was mistakenly transferred. The bank had [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":187829,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[43],"tags":[189,278,646],"class_list":["post-187828","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-banks","tag-featured","tag-usa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>US Court Rules Citibank Can\u2019t Get Back $500 Million Wired By Mistake<\/title>\n<meta name=\"description\" content=\"Bnreport - Business US court ruled that Citibank can\u2019t get an amount of $500 million transferred by mistake for Revlon&#039;s lenders.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/citibank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"US Court Rules Citibank Can\u2019t Get Back $500 Million Wired By Mistake\" \/>\n<meta property=\"og:description\" content=\"Bnreport - 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