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What Happens if You Make a Payment in Error? – The LMA Responds to the Revlon Loan Dispute | Sullivan & Worcester


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Few cases in recent memory have stirred up as much concern and controversy in the syndicated loan market on both sides of the Atlantic as the
Revlon case.[1] The ruling of the New York federal court in
Revlon was that the recipients of erroneous wire transfers made by Citibank N.A. (
Citibank), acting in its capacity as administrative agent for a syndicated loan facility made available to Revlon, Inc., were entitled to keep almost $500 million of Citibank’s own money. This was notwithstanding the fact that Citibank had only intended to transfer $7.8 million in interest payments and not the $900 million or so that was actually transferred by mistake. Indeed, had it not been for some of the recipients returning the mistaken payment they received, Citibank’s losses could have been even more significant. ....

New York , United States , Practical Solutions For , United States Court , Revlon Inc , Trading Association , Loan Market Association , Loan Syndications , Erroneous Payment Clause , Citibank August , Second Circuit , Export Finance , Practical Solutions , புதியது யார்க் , ஒன்றுபட்டது மாநிலங்களில் , சிட்டி வங்கி , ஒன்றுபட்டது மாநிலங்களில் நீதிமன்றம் , ரெவ்லான் இன்க் , வர்த்தக சங்கம் , கடன் சந்தை சங்கம் , சிட்டி வங்கி ஆகஸ்ட் , இரண்டாவது சுற்று , ஏற்றுமதி நிதி , ப்ர்யாக்டிகல் தீர்வுகள் ,