https://www.courtlistener.com/recap/gov.uscourts.nysd.542310/gov.uscourts.nysd.542310.243.0_2.pdf

 

The first paragraph of the judgment is as follows:

 

“On August 11, 2020, Citibank N.A. (“Citibank”), acting in its capacity as Administrative Agent for a syndicated term loan taken out by Revlon, Inc. (“Revlon”), intended to wire approximately $7.8 million in interest payments to Revlon’s lenders. Instead, it made one of the biggest blunders in banking history: It mistakenly wired, in addition to Revlon’s $7.8 million, almost $900 million of its own money as well. The resulting payments equaled — to the penny

— the amounts of principal and interest that Revlon owed on the loan to its lenders. The question in this case is whether Citibank is entitled to get the money back or whether the lenders are allowed to keep it.” (emphasis added)

 

Stephen

 

 

Professor Stephen G.A. Pitel
Faculty of Law, Western University
(519) 661-2111 ext 88433
Vice-President, Canadian Association for Legal Ethics/Association canadienne pour l’ethique juridique