Recipients of cash wired in error are typically required to return it.
James J. Angel, an associate professor of finance at Georgetown University’s McDonough School of Business, said those were examples that generally involve a recipient who does not have a “natural claim” to the funds.
“In general, if it’s not yours, you’ve got to give it back,” he said, emphasizing that he was speaking generally, and not commenting specifically on the Spadoni case. “Somebody who is not expecting it, hasn’t requested it, and it suddenly shows up? It was obviously an error.”
But a federal judge’s ruling this year offers a prominent exception. In 2020, Citigroup accidentally wired $900 million to a group of lenders, intending to make a small interest payment on behalf of the beauty company Revlon, but instead repaying them in full.
Kelyn Spadoni tried to keep a deposit that was off by five decimal places, according to the authorities, who said she was charged with fraud and fired from her job on the same day.
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