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When "Six Eyes" Just Aren't Enough | Cadwalader, Wickersham & Taft LLP

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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. ....

New York , United States , Revlon Inc , Calumet Farm Inc , Wickersham Taft , United States District Court , York Court , Us District Court , Winmar Inc , See Us District Court , Bankamerica International , See Qatar Natl Bank , Southern District , Banque Worms , America International , Roll Up Lenders , Roll Up Transaction , New York Case , America Int L , Seein Re Citibank August , Qatar Natl Bank , Calumet Farm , Unjust Enrichment , Calculation Statements , புதியது யார்க் , ஒன்றுபட்டது மாநிலங்களில் ,

When "Six Eyes" Just Aren't Enough - Finance and Banking

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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 York , United States , Revlon Inc , United States District Court , York Court , District Court , Us District Court , Winmar Inc , See Us District Court , Bankamerica International , See Qatar Natl Bank , Southern District , Banque Worms , Roll Up Lenders , New York Case , Bankamerica Int L , Seein Re Citibank August , America Int L , Qatar Natl Bank , Calumet Farm , Calculation Statements , When Quot Six Eyes Just Aren Amp 39t Enough , Finance And Banking , Debt Capital Markets , Financial Services , Fund Management Reits ,

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 York , United States , Revlon Inc , Calumet Farm Inc , United States District Court , York Court , Us District Court , Winmar Inc , See Us District Court , Bankamerica International , See Qatar Natl Bank , Southern District , Banque Worms , America International , Roll Up Lenders , Roll Up Transaction , New York Case , America Int L , Seein Re Citibank August , Qatar Natl Bank , Calumet Farm , Unjust Enrichment , Calculation Statements , In Re Citibank , Wire Transfer Litigation , Discharge For Value ,

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
jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.

Tom Fox , Matt Kelly , Fund Sighting Manual , District Court , Black Swan , Calculation Statements , டோம் நரி , மேட் கெல்லி , சிட்டி வங்கி , மாவட்டம் நீதிமன்றம் , கருப்பு அன்னம் , கணக்கீடு அறிக்கைகள் ,

Banks Urged to Create Payment Notice Standards After $900M Transfer Error | Faegre Drinker Biddle & Reath LLP

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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 intere ....

New York , United States , Faegre Drinker Biddle Reath , District Court , Faegre Drinker Biddle , Federal District Court , Southern District , Citibank August , Calculation Statements , Calculation Statement , புதியது யார்க் , ஒன்றுபட்டது மாநிலங்களில் , சிட்டி வங்கி , மாவட்டம் நீதிமன்றம் , கூட்டாட்சியின் மாவட்டம் நீதிமன்றம் , தெற்கு மாவட்டம் , சிட்டி வங்கி ஆகஸ்ட் , கணக்கீடு அறிக்கைகள் , கணக்கீடு அறிக்கை ,