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Court reverses on restitution exception in case over mistaken payment

Court reverses on restitution exception in case over mistaken payment-
Applying the discharge-for-value doctrine from Sec. 14 of the Restatement (First) of Restitution (1937) a limited exception to the general rule that mistaken payments must be returned a federal judge in Manhattan concluded that Revlon Inc.’s. ....

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Second Circuit Reverses Ruling, Says Mistaken $500 Million Wire Transfer Paying Off Revlon Loan Must Be Returned

Recipients of an erroneous $500 million wire transfer that had the financial world buzzing must return the funds, a U.S. Court of Appeals for the… ....

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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. ....

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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. ....

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

In a decision rendered September 8, 2022, a three-judge panel for the United States Court of Appeals for the Second Circuit (the “Court”) vacated a February, 2021 decision by the United. ....

New York , United States , Bardin Hill , Angelo Gordon , United States Court , Revlon Inc , Tall Tree Investment Management , Wickersham Taft , United States District Court , Symphony Asset Management , Bardin Hill Loan Management , Generation Advisors , Medalist Partners Corporate Finance , Investment Partners , Allstate Investment Management Company , Bankamerica International , Second Circuit , Southern District , Loan Managers , Roll Up Transaction , Such Lenders , Transfer Date , American Law Institute , Banque Worms , America International , Discharge For Value Rule ,