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Facing Erroneous Payments July 2021 | Issue No. 135 - Revlon: It's Worth a Double Take (Part I: Syndicate Lender Considerations) | Cadwalader, Wickersham & Taft LLP

Facing Erroneous Payments July 2021 | Issue No. 135 - Revlon: It's Worth a Double Take (Part I: Syndicate Lender Considerations) | Cadwalader, Wickersham & Taft LLP
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New York , United States , Trading Association , Wickersham Taft , Us Court , Southern District , Citibank August , Loan Syndications , Market Advisory , புதியது யார்க் , ஒன்றுபட்டது மாநிலங்களில் , சிட்டி வங்கி , வர்த்தக சங்கம் , விக்கர்ஷாம் ட்யாஃப்ட் , எங்களுக்கு நீதிமன்றம் , தெற்கு மாவட்டம் , சிட்டி வங்கி ஆகஸ்ட் ,

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. ....

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At the intersection of black-letter contract, property, and equity doctrine: In re Citibank August 11, 2020 Wire Transfers, 2021 WL 1652171 (2021). | Charles E. Rounds, Jr.

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Citibank is administering as agent a $1 billion term loan for debtor (Revlon) and creditors (lenders). The lenders have only contractual property rights to incremental principal payments during the term of the loan, which ends in 2023. The bank mistakenly transferred to the lenders from its own account the entire principal amount, instead of an interest payment of $7.8 from Revlon’s account. Many lenders returned Citibank’s money, but some have refused and are now the subject of an action for restitution. Under common law as enhanced by equity the lenders were unjustly enriched and thus must make restitution. The trial judge (federal) disagreed, however, having misinterpreted §14(1) of the Restatement (First) Restitution (1936), which provides that creditor of another who has mistakenly received from a third person any benefit in discharge of the debt or lien is under no equitable duty to make restitution theref ....

Citibank August , சிட்டி வங்கி , சிட்டி வங்கி ஆகஸ்ட் ,

The Post-Revlon Reaction: Pitfalls for Lenders in the Proposed Erroneous Payment Language | Akin Gump Strauss Hauer & Feld LLP

To address the key issue in the litigation
In re: Citibank August 11, 2020 Wire Transfers
1, on March 19, 2021, the Loan Syndication and Trading Association (LSTA) circulated a Market Advisory
2 that contains draft erroneous payment language to be incorporated into credit agreements that purports to protect administrative agents and contractually entitles administrative agents to claw-back erroneous payments in the future.
Importantly, the LSTA language grants administrative agents sole discretion to determine whether a payment was made erroneously. In addition to that fundamental grant of discretion, the LSTA language also provides for recovery of erroneous payments by administrative agents, states that a notice of an erroneous payment from an administrative agent to a lender is conclusive absent manifest error, and creates a presumption that any payment that is received by a lender that differs from the scheduled amount or that does not match the amount set fort ....

Akin Gump Strauss Hauer Feld , Trading Association , Loan Syndications Trading Association , Akin Gump Strauss Hauer , Citibank August , Loan Syndication , Erroneous Payment Provision , Loan Syndications , சிட்டி வங்கி , வர்த்தக சங்கம் , சிட்டி வங்கி ஆகஸ்ட் , கடன் சிண்டிகேஷன் ,

Judge denies Citigroup a longer freeze on botched Revlon transfer

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NEW YORK (Reuters) -A federal judge on Wednesday rejected Citigroup Inc s request to extend a freeze on about $504 million it accidentally sent a group of Revlon Inc lenders, while it appeals his decision that they can keep the money.
U.S. District Judge Jesse Furman in Manhattan said it was tempting to extend the freeze, given the large dollar amount and the bank s argument that lenders should do the right thing rather than enjoy a windfall from its unprecedented mistake.
But he said an appeal would face an uphill battle and Citigroup had not demonstrated irreparable harm absent a freeze. ....

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