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When Six Eyes Just Aren t Enough | Cadwalader, Wickersham & Taft LLP

To embed, copy and paste the code into your website or blog: 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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When Six Eyes Just Aren t Enough - Finance and Banking

To print this article, all you need is to be registered or login on Mondaq.com. 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.

New yorkUnited statesRevlon incUnited states district courtYork courtDistrict courtUs district courtWinmar incSee us district courtBankamerica internationalSee qatar natl bankSouthern districtBanque wormsRoll up lendersNew york caseBankamerica int l

SDNY Decision in Re: Citibank Wire Transfer Litigation

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.

New yorkUnited statesRevlon incCalumet farm incUnited states district courtYork courtUs district courtWinmar incSee us district courtBankamerica internationalSee qatar natl bankSouthern districtBanque wormsAmerica internationalRoll up lendersRoll up transaction

Too Complex to Succeed: Citibank Incorrect Wires Out $900MM: Part 3 – Pierson v Post and Black Swans | Thomas Fox

Too Complex to Succeed: Citibank Incorrect Wires Out $900MM: Part 3 – Pierson v Post and Black Swans | Thomas Fox
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Banks Urged to Create Payment Notice Standards After $900M Transfer Error | Faegre Drinker Biddle & Reath LLP

To embed, copy and paste the code into your website or blog: The Federal District Court for the Southern District of New York provided guidance to banks regarding payment notices in the case of In re Citibank August 11, 2020 Wire Transfers after Citibank erroneously transferred over $900 million to lenders. After concluding that Citibank was not entitled to return of the funds, the Court offered several suggestions to banks. Specifically, the Court recommended that banks create clear standards regarding payment notices. If a payment notice always comes before an actual payment by a certain period of time (and there are security mechanisms to ensure happens), then failure to have such notice would raise a flag with lenders that an overpayment was in error. Notices should “unambiguously and explicitly” describe the size and nature of the payment. The Court suggested language like the following: “You will shortly receive a wire payment of $X. This payment is for interest only;

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