Judge Ruled Against Citibank After Mistakenly Depositing A Half Of Billion Dollars To The Wrong Account
Written by DJ Sight on February 18, 2021
Have you ever Cash App the wrong person some money?
Citibank did something similar but it wasn’t with cash app. They accidentally deposited a half of billion dollars aka $500 million into the wrong bank account.
Citibank was acting as a Revlon’s long agent and meant to send about $8 million in interest payments to the cosmetic companies lenders. Welp I think somebody lost their job because they accidentally wired that amount 100 times including another 175 million to a hedge fund.
Citibank has been going back and forth to court to get the money back And in most cases in situations like this the money is normally returned. But in the state of New York it’s a different story.
New York State law has exceptions to the rule known as the “discharge – for -value – defense”. In other words if something of someone is entitled to the money and it will sent to him accidentally they get to keep it.
I wonder if the judge is getting the kickback from all that money?
