Citibank can't get back $500 million it wired by mistake, judge rules

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Citibank can't get back $500 million it wired by mistake, judge rules

CNN Business2021-02-17

New York (CNN Business) After committing one of the "biggest blunders in banking history," Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...

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TraderJo98
·2021-02-17
Such a pity
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2
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- 财神爷爷97:
  Sad news
  2021-02-23
  Reply
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J5385
·2021-02-17
wow. 500M
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1
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Kelvinyoon26
·2021-02-17
Something fishy
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Pat07
·2021-02-17
Like and comment please
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1
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- wolnavi:
  Comment
  2021-02-17
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mcwood
·2021-02-17
The real to the moon ????
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ZYMing
·2021-02-17
pls comment and like.. thanks
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4
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- ZYMing:
  thanks
  2021-02-17
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- Kingkong1234:
  Okays
  2021-02-17
  Reply
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ElvisYeoh
·2021-02-17
bad
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1
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JHx
·2021-02-17
Shag
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francis3
·2021-02-17
What happen to the staff who made the error?
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2
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blahblah
·2021-02-17
Oof
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5
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- xiaochan:
  Wah
  2021-02-17
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MamaChee
·2021-02-17
Wow
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therealp
·2021-02-17
like and comment please
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7
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- ALT:
  Interesting hows its ruled
  2021-02-17
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Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all,Citi(C)accidentally sent $900 million to Revlon's lenders.Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.An exception to the ruleThe law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.But New York law has exceptions to this rule, known as the \"discharge-for-value-defense.\"If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. Revlon lenders said they believed Citibank was wiring prepayments for a loan. After all, the money accidentally wired was the exact amount \"to the penny\" Citibank owed them, although the loan wasn't set to mature for quite some time.\"We are extremely pleased with Judge [Jesse] Furman's thoughtful, thorough and detailed decision,\" said Benjamin Finestone, who represented two lenders, Brigade and HPS Investment Partners.'Borderline irrational'The court ruled the lenders were justified in believing the payment was intentional. Citibank itself did not realize the magnitude of its mistake until nearly a day later.\"To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion — would have been borderline irrational,\" the court document said.The judge's ruling used internal chats between HPS employees as further proof the creditors had no idea the wiring was a mistake until after Citibank sent notices. In the chat, which was dated a day after the mistaken wiring, HPS employees joked about the error:DFREY5: I feel really bad for the person that fat fingered a $900mm erroneous payment. Not a great career move . . . .JRABINOWIT12: certainly looks like they'll be looking for new people for their Ops groupDFREY5: How was work today honey? It was ok, except I accidentally sent $900mm out to people who weren't supposed to have itDFREY5: Downside of work from home. maybe the dog hit the keyboardThe lenders cannot take the money and run. Since an appeal is a possibility, a temporary restraining order is still in effect.\"We strongly disagree with this decision and intend to appeal. We believe we are entitled to the funds and will continue to pursue a complete recovery of them,\" Citigroup said in a statement.The pandemic has hurt makeup brands like Revlon(REV), shares of which are trading more than 40% lower from a year ago.","kind":"news","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[{"id":385624590,"gmtCreate":1613546757910,"gmtModify":1704881851252,"author":{"id":"3555067011639600","authorId":"3555067011639600","name":"TraderJo98","avatar":"https://static.tigerbbs.com/4b2fb6c4a2935a517c3b7b2963f0308e","vip":1,"crmLevel":11,"crmLevelSwitch":1,"wearingBadges":[{"badgeId":"972123088c9646f7b6091ae0662215be-2","name":"Master Trader","description":"Total number of securities or futures transactions reached 100","smallImgUrl":"https://static.tigerbbs.com/36702e6ff3ffe46acafee66cc85273ca","bigImgUrl":"https://static.tigerbbs.com/ad22cfbe2d05aa393b18e9226e4b0307","isScarce":0,"effectEnabled":0,"redirectLinkEnabled":0,"redirectLinkValidityFrom":0,"redirectLinkValidityTo":9223372036854776000}],"idStr":"3555067011639600","authorIdStr":"3555067011639600"},"htmlText":"Such a pity","listText":"Such a pity","text":"Such a pity","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/385624590","repostId":1121312034,"repostType":4,"repost":{"id":"1121312034","kind":"news","pubTimestamp":1613530382,"share":"https://ttm.financial/m/news/1121312034?lang=en_US&edition=fundamental","pubTime":"2021-02-17 10:53","market":"us","language":"en","title":"Citibank can't get back $500 million it wired by mistake, judge rules","url":"https://stock-news.laohu8.com/highlight/detail?id=1121312034","media":"CNN Business","summary":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank ","content":"<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitibank can't get back $500 million it wired by mistake, judge rules\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 10:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗"},"source_url":"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121312034","content_text":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's lenders, a US District Court judge ruled.Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all,Citi(C)accidentally sent $900 million to Revlon's lenders.Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.An exception to the ruleThe law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.But New York law has exceptions to this rule, known as the \"discharge-for-value-defense.\"If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. Revlon lenders said they believed Citibank was wiring prepayments for a loan. After all, the money accidentally wired was the exact amount \"to the penny\" Citibank owed them, although the loan wasn't set to mature for quite some time.\"We are extremely pleased with Judge [Jesse] Furman's thoughtful, thorough and detailed decision,\" said Benjamin Finestone, who represented two lenders, Brigade and HPS Investment Partners.'Borderline irrational'The court ruled the lenders were justified in believing the payment was intentional. Citibank itself did not realize the magnitude of its mistake until nearly a day later.\"To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion — would have been borderline irrational,\" the court document said.The judge's ruling used internal chats between HPS employees as further proof the creditors had no idea the wiring was a mistake until after Citibank sent notices. In the chat, which was dated a day after the mistaken wiring, HPS employees joked about the error:DFREY5: I feel really bad for the person that fat fingered a $900mm erroneous payment. Not a great career move . . . .JRABINOWIT12: certainly looks like they'll be looking for new people for their Ops groupDFREY5: How was work today honey? It was ok, except I accidentally sent $900mm out to people who weren't supposed to have itDFREY5: Downside of work from home. maybe the dog hit the keyboardThe lenders cannot take the money and run. Since an appeal is a possibility, a temporary restraining order is still in effect.\"We strongly disagree with this decision and intend to appeal. We believe we are entitled to the funds and will continue to pursue a complete recovery of them,\" Citigroup said in a statement.The pandemic has hurt makeup brands like Revlon(REV), shares of which are trading more than 40% lower from a year ago.","news_type":1,"symbols_score_info":{"REV":0.9,"C":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3637819,"gmtCreate":1614055176622,"gmtModify":1680777946454,"authorId":3572418035699527,"author":{"id":3572418035699527,"idStr":"3572418035699527","authorId":3572418035699527,"name":"财神爷爷97","avatar":"https://static.tigerbbs.com/bcb5096bb391a4364a255cfe900aece0","vip":1,"currentWearingBadge":{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Executive Tiger","description":"The transaction amount of the securities account reaches $300,000","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","grayImgUrl":"https://static.tigerbbs.com/177f283ba21d1c077054dac07f88f3bd","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.07.14","exceedPercentage":"80.09%","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1101,"isScarce":0,"effectEnabled":0,"wearingSort":0},"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[{"badgeId":"44212b71d0be4ec88898348dbe882e03-2","name":"Executive Tiger","description":"The transaction amount of the securities account reaches $300,000","smallImgUrl":"https://static.tigerbbs.com/ada3b4533518ace8404a3f6dd192bd29","bigImgUrl":"https://static.tigerbbs.com/9d20b23f1b6335407f882bc5c2ad12c0","isScarce":0,"effectEnabled":0,"redirectLinkEnabled":0,"redirectLinkValidityFrom":0,"redirectLinkValidityTo":9223372036854776000}]},"repliedAuthorId":0,"objectId":385624590,"type":1,"supId":0,"prevId":0,"content":"Sad news","text":"Sad news","html":"Sad news"}],"langContent":"EN"},{"id":385635065,"gmtCreate":1613540597357,"gmtModify":1704881795126,"author":{"id":"3573450191379774","authorId":"3573450191379774","name":"J5385","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3573450191379774","authorIdStr":"3573450191379774"},"htmlText":"wow. 500M","listText":"wow. 500M","text":"wow. 500M","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/385635065","repostId":1121312034,"repostType":4,"repost":{"id":"1121312034","kind":"news","pubTimestamp":1613530382,"share":"https://ttm.financial/m/news/1121312034?lang=en_US&edition=fundamental","pubTime":"2021-02-17 10:53","market":"us","language":"en","title":"Citibank can't get back $500 million it wired by mistake, judge rules","url":"https://stock-news.laohu8.com/highlight/detail?id=1121312034","media":"CNN Business","summary":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank ","content":"<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citibank can't get back $500 million it wired by mistake, judge rules</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitibank can't get back $500 million it wired by mistake, judge rules\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 10:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗"},"source_url":"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121312034","content_text":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's lenders, a US District Court judge ruled.Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all,Citi(C)accidentally sent $900 million to Revlon's lenders.Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.An exception to the ruleThe law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.But New York law has exceptions to this rule, known as the \"discharge-for-value-defense.\"If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. Revlon lenders said they believed Citibank was wiring prepayments for a loan. After all, the money accidentally wired was the exact amount \"to the penny\" Citibank owed them, although the loan wasn't set to mature for quite some time.\"We are extremely pleased with Judge [Jesse] Furman's thoughtful, thorough and detailed decision,\" said Benjamin Finestone, who represented two lenders, Brigade and HPS Investment Partners.'Borderline irrational'The court ruled the lenders were justified in believing the payment was intentional. Citibank itself did not realize the magnitude of its mistake until nearly a day later.\"To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion — would have been borderline irrational,\" the court document said.The judge's ruling used internal chats between HPS employees as further proof the creditors had no idea the wiring was a mistake until after Citibank sent notices. In the chat, which was dated a day after the mistaken wiring, HPS employees joked about the error:DFREY5: I feel really bad for the person that fat fingered a $900mm erroneous payment. Not a great career move . . . .JRABINOWIT12: certainly looks like they'll be looking for new people for their Ops groupDFREY5: How was work today honey? It was ok, except I accidentally sent $900mm out to people who weren't supposed to have itDFREY5: Downside of work from home. maybe the dog hit the keyboardThe lenders cannot take the money and run. Since an appeal is a possibility, a temporary restraining order is still in effect.\"We strongly disagree with this decision and intend to appeal. We believe we are entitled to the funds and will continue to pursue a complete recovery of them,\" Citigroup said in a statement.The pandemic has hurt makeup brands like Revlon(REV), shares of which are trading more than 40% lower from a year ago.","news_type":1,"symbols_score_info":{"REV":0.9,"C":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":385633930,"gmtCreate":1613539970020,"gmtModify":1704881787834,"author":{"id":"3558581504257803","authorId":"3558581504257803","name":"Kelvinyoon26","avatar":"https://static.tigerbbs.com/17c18f026fcaa77f437cb20f39e1b4ef","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3558581504257803","authorIdStr":"3558581504257803"},"htmlText":"Something fishy&nbsp;","listText":"Something fishy&nbsp;","text":"Something fishy","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/385633930","repostId":1121312034,"repostType":4,"repost":{"id":"1121312034","kind":"news","pubTimestamp":1613530382,"share":"https://ttm.financial/m/news/1121312034?lang=en_US&edition=fundamental","pubTime":"2021-02-17 10:53","market":"us","language":"en","title":"Citibank can't get back $500 million it wired by mistake, judge rules","url":"https://stock-news.laohu8.com/highlight/detail?id=1121312034","media":"CNN Business","summary":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank ","content":"<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citibank can't get back $500 million it wired by mistake, judge rules</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitibank can't get back $500 million it wired by mistake, judge rules\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 10:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗"},"source_url":"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121312034","content_text":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's lenders, a US District Court judge ruled.Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all,Citi(C)accidentally sent $900 million to Revlon's lenders.Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.An exception to the ruleThe law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.But New York law has exceptions to this rule, known as the \"discharge-for-value-defense.\"If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. Revlon lenders said they believed Citibank was wiring prepayments for a loan. After all, the money accidentally wired was the exact amount \"to the penny\" Citibank owed them, although the loan wasn't set to mature for quite some time.\"We are extremely pleased with Judge [Jesse] Furman's thoughtful, thorough and detailed decision,\" said Benjamin Finestone, who represented two lenders, Brigade and HPS Investment Partners.'Borderline irrational'The court ruled the lenders were justified in believing the payment was intentional. Citibank itself did not realize the magnitude of its mistake until nearly a day later.\"To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion — would have been borderline irrational,\" the court document said.The judge's ruling used internal chats between HPS employees as further proof the creditors had no idea the wiring was a mistake until after Citibank sent notices. In the chat, which was dated a day after the mistaken wiring, HPS employees joked about the error:DFREY5: I feel really bad for the person that fat fingered a $900mm erroneous payment. Not a great career move . . . .JRABINOWIT12: certainly looks like they'll be looking for new people for their Ops groupDFREY5: How was work today honey? It was ok, except I accidentally sent $900mm out to people who weren't supposed to have itDFREY5: Downside of work from home. maybe the dog hit the keyboardThe lenders cannot take the money and run. Since an appeal is a possibility, a temporary restraining order is still in effect.\"We strongly disagree with this decision and intend to appeal. We believe we are entitled to the funds and will continue to pursue a complete recovery of them,\" Citigroup said in a statement.The pandemic has hurt makeup brands like Revlon(REV), shares of which are trading more than 40% lower from a year ago.","news_type":1,"symbols_score_info":{"REV":0.9,"C":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":385857148,"gmtCreate":1613535174084,"gmtModify":1704881731073,"author":{"id":"3552951172021422","authorId":"3552951172021422","name":"Pat07","avatar":"https://static.tigerbbs.com/b7f2fc12edf68bb7d273f5ab6c5844a1","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3552951172021422","authorIdStr":"3552951172021422"},"htmlText":"Like and comment please","listText":"Like and comment please","text":"Like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/385857148","repostId":1121312034,"repostType":4,"repost":{"id":"1121312034","kind":"news","pubTimestamp":1613530382,"share":"https://ttm.financial/m/news/1121312034?lang=en_US&edition=fundamental","pubTime":"2021-02-17 10:53","market":"us","language":"en","title":"Citibank can't get back $500 million it wired by mistake, judge rules","url":"https://stock-news.laohu8.com/highlight/detail?id=1121312034","media":"CNN Business","summary":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank ","content":"<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citibank can't get back $500 million it wired by mistake, judge rules</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitibank can't get back $500 million it wired by mistake, judge rules\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 10:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗"},"source_url":"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121312034","content_text":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's lenders, a US District Court judge ruled.Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all,Citi(C)accidentally sent $900 million to Revlon's lenders.Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.An exception to the ruleThe law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.But New York law has exceptions to this rule, known as the \"discharge-for-value-defense.\"If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. Revlon lenders said they believed Citibank was wiring prepayments for a loan. After all, the money accidentally wired was the exact amount \"to the penny\" Citibank owed them, although the loan wasn't set to mature for quite some time.\"We are extremely pleased with Judge [Jesse] Furman's thoughtful, thorough and detailed decision,\" said Benjamin Finestone, who represented two lenders, Brigade and HPS Investment Partners.'Borderline irrational'The court ruled the lenders were justified in believing the payment was intentional. Citibank itself did not realize the magnitude of its mistake until nearly a day later.\"To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion — would have been borderline irrational,\" the court document said.The judge's ruling used internal chats between HPS employees as further proof the creditors had no idea the wiring was a mistake until after Citibank sent notices. In the chat, which was dated a day after the mistaken wiring, HPS employees joked about the error:DFREY5: I feel really bad for the person that fat fingered a $900mm erroneous payment. Not a great career move . . . .JRABINOWIT12: certainly looks like they'll be looking for new people for their Ops groupDFREY5: How was work today honey? It was ok, except I accidentally sent $900mm out to people who weren't supposed to have itDFREY5: Downside of work from home. maybe the dog hit the keyboardThe lenders cannot take the money and run. Since an appeal is a possibility, a temporary restraining order is still in effect.\"We strongly disagree with this decision and intend to appeal. We believe we are entitled to the funds and will continue to pursue a complete recovery of them,\" Citigroup said in a statement.The pandemic has hurt makeup brands like Revlon(REV), shares of which are trading more than 40% lower from a year ago.","news_type":1,"symbols_score_info":{"REV":0.9,"C":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3588058,"gmtCreate":1613540950781,"gmtModify":1680777182343,"authorId":3574878288521472,"author":{"id":3574878288521472,"idStr":"3574878288521472","authorId":3574878288521472,"name":"wolnavi","avatar":"https://static.tigerbbs.com/fad418c3046ef6723559b7e828ac2a62","vip":1,"currentWearingBadge":{"badgeId":"1026c425416b44e0aac28c11a0848493-4","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Tiger Star","description":"Join the tiger community for 2000 days","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","grayImgUrl":"https://static.tigerbbs.com/6304700d92ad91c7a33e2e92ec32ecc1","redirectLinkEnabled":0,"hasAllocated":1,"isWearing":1,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.07.22","individualDisplayEnabled":0,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectEnabled":0,"wearingSort":1},"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[{"badgeId":"1026c425416b44e0aac28c11a0848493-4","name":"Tiger Star","description":"Join the tiger community for 2000 days","smallImgUrl":"https://static.tigerbbs.com/53d58ad32c97254c6f74db8b97e6ec49","bigImgUrl":"https://static.tigerbbs.com/dddf24b906c7011de2617d4fb3f76987","isScarce":0,"effectEnabled":0,"redirectLinkEnabled":0,"redirectLinkValidityFrom":0,"redirectLinkValidityTo":9223372036854776000},{"badgeId":"972123088c9646f7b6091ae0662215be-1","name":"Elite Trader","description":"Total number of securities or futures transactions reached 30","smallImgUrl":"https://static.tigerbbs.com/c9835ce48b8c8743566d344ac7a7ba8c","bigImgUrl":"https://static.tigerbbs.com/ab0f87127c854ce3191a752d57b46edc","isScarce":0,"effectEnabled":0,"redirectLinkEnabled":0,"redirectLinkValidityFrom":0,"redirectLinkValidityTo":9223372036854776000},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","name":"Real Trader","description":"Completed a transaction","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","isScarce":0,"effectEnabled":0,"redirectLinkEnabled":0,"redirectLinkValidityFrom":0,"redirectLinkValidityTo":9223372036854776000}]},"repliedAuthorId":0,"objectId":385857148,"type":1,"supId":0,"prevId":0,"content":"Comment","text":"Comment","html":"Comment"}],"langContent":"EN"},{"id":385828841,"gmtCreate":1613532962383,"gmtModify":1704881711147,"author":{"id":"3569805243820041","authorId":"3569805243820041","name":"mcwood","avatar":"https://static.tigerbbs.com/899c12565f32e74966bd8f5ceac09f7c","vip":1,"hat":"https://static.tigerbbs.com/2b6219675842600ebb42baa43c645832","crmLevel":11,"crmLevelSwitch":1,"wearingBadges":[{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","name":"Real Trader","description":"Completed a transaction","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","isScarce":0,"effectEnabled":0,"redirectLinkEnabled":0,"redirectLinkValidityFrom":0,"redirectLinkValidityTo":9223372036854776000}],"idStr":"3569805243820041","authorIdStr":"3569805243820041"},"htmlText":"The real to the moon ????","listText":"The real to the moon ????","text":"The real to the moon ????","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/385828841","repostId":1121312034,"repostType":4,"repost":{"id":"1121312034","kind":"news","pubTimestamp":1613530382,"share":"https://ttm.financial/m/news/1121312034?lang=en_US&edition=fundamental","pubTime":"2021-02-17 10:53","market":"us","language":"en","title":"Citibank can't get back $500 million it wired by mistake, judge rules","url":"https://stock-news.laohu8.com/highlight/detail?id=1121312034","media":"CNN Business","summary":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank ","content":"<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citibank can't get back $500 million it wired by mistake, judge rules</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitibank can't get back $500 million it wired by mistake, judge rules\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 10:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗"},"source_url":"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121312034","content_text":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's lenders, a US District Court judge ruled.Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all,Citi(C)accidentally sent $900 million to Revlon's lenders.Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.An exception to the ruleThe law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.But New York law has exceptions to this rule, known as the \"discharge-for-value-defense.\"If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. Revlon lenders said they believed Citibank was wiring prepayments for a loan. After all, the money accidentally wired was the exact amount \"to the penny\" Citibank owed them, although the loan wasn't set to mature for quite some time.\"We are extremely pleased with Judge [Jesse] Furman's thoughtful, thorough and detailed decision,\" said Benjamin Finestone, who represented two lenders, Brigade and HPS Investment Partners.'Borderline irrational'The court ruled the lenders were justified in believing the payment was intentional. Citibank itself did not realize the magnitude of its mistake until nearly a day later.\"To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion — would have been borderline irrational,\" the court document said.The judge's ruling used internal chats between HPS employees as further proof the creditors had no idea the wiring was a mistake until after Citibank sent notices. In the chat, which was dated a day after the mistaken wiring, HPS employees joked about the error:DFREY5: I feel really bad for the person that fat fingered a $900mm erroneous payment. Not a great career move . . . .JRABINOWIT12: certainly looks like they'll be looking for new people for their Ops groupDFREY5: How was work today honey? It was ok, except I accidentally sent $900mm out to people who weren't supposed to have itDFREY5: Downside of work from home. maybe the dog hit the keyboardThe lenders cannot take the money and run. Since an appeal is a possibility, a temporary restraining order is still in effect.\"We strongly disagree with this decision and intend to appeal. We believe we are entitled to the funds and will continue to pursue a complete recovery of them,\" Citigroup said in a statement.The pandemic has hurt makeup brands like Revlon(REV), shares of which are trading more than 40% lower from a year ago.","news_type":1,"symbols_score_info":{"REV":0.9,"C":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":385829995,"gmtCreate":1613532677917,"gmtModify":1704881705932,"author":{"id":"3559879461000945","authorId":"3559879461000945","name":"ZYMing","avatar":"https://static.tigerbbs.com/08d00471a2b4a297a190c72e7dea2a2e","vip":0,"crmLevel":0,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3559879461000945","authorIdStr":"3559879461000945"},"htmlText":"pls comment and like.. thanks","listText":"pls comment and like.. thanks","text":"pls comment and like.. thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/385829995","repostId":1121312034,"repostType":4,"repost":{"id":"1121312034","kind":"news","pubTimestamp":1613530382,"share":"https://ttm.financial/m/news/1121312034?lang=en_US&edition=fundamental","pubTime":"2021-02-17 10:53","market":"us","language":"en","title":"Citibank can't get back $500 million it wired by mistake, judge rules","url":"https://stock-news.laohu8.com/highlight/detail?id=1121312034","media":"CNN Business","summary":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank ","content":"<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citibank can't get back $500 million it wired by mistake, judge rules</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitibank can't get back $500 million it wired by mistake, judge rules\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 10:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗"},"source_url":"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121312034","content_text":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's lenders, a US District Court judge ruled.Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all,Citi(C)accidentally sent $900 million to Revlon's lenders.Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.An exception to the ruleThe law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.But New York law has exceptions to this rule, known as the \"discharge-for-value-defense.\"If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. Revlon lenders said they believed Citibank was wiring prepayments for a loan. After all, the money accidentally wired was the exact amount \"to the penny\" Citibank owed them, although the loan wasn't set to mature for quite some time.\"We are extremely pleased with Judge [Jesse] Furman's thoughtful, thorough and detailed decision,\" said Benjamin Finestone, who represented two lenders, Brigade and HPS Investment Partners.'Borderline irrational'The court ruled the lenders were justified in believing the payment was intentional. Citibank itself did not realize the magnitude of its mistake until nearly a day later.\"To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion — would have been borderline irrational,\" the court document said.The judge's ruling used internal chats between HPS employees as further proof the creditors had no idea the wiring was a mistake until after Citibank sent notices. In the chat, which was dated a day after the mistaken wiring, HPS employees joked about the error:DFREY5: I feel really bad for the person that fat fingered a $900mm erroneous payment. Not a great career move . . . .JRABINOWIT12: certainly looks like they'll be looking for new people for their Ops groupDFREY5: How was work today honey? It was ok, except I accidentally sent $900mm out to people who weren't supposed to have itDFREY5: Downside of work from home. maybe the dog hit the keyboardThe lenders cannot take the money and run. Since an appeal is a possibility, a temporary restraining order is still in effect.\"We strongly disagree with this decision and intend to appeal. We believe we are entitled to the funds and will continue to pursue a complete recovery of them,\" Citigroup said in a statement.The pandemic has hurt makeup brands like Revlon(REV), shares of which are trading more than 40% lower from a year ago.","news_type":1,"symbols_score_info":{"REV":0.9,"C":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3587792,"gmtCreate":1613537980346,"gmtModify":1680777187268,"authorId":3559879461000945,"author":{"id":3559879461000945,"idStr":"3559879461000945","authorId":3559879461000945,"name":"ZYMing","avatar":"https://static.tigerbbs.com/08d00471a2b4a297a190c72e7dea2a2e","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":385829995,"type":1,"supId":3587337,"prevId":0,"content":"<u>thanks</u>","text":"<u>thanks</u>","html":"<u>thanks</u>"},{"id":3587337,"gmtCreate":1613533473459,"gmtModify":1680777179304,"authorId":3558034199477068,"author":{"id":3558034199477068,"idStr":"3558034199477068","authorId":3558034199477068,"name":"Kingkong1234","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":385829995,"type":1,"supId":0,"prevId":0,"content":"Okays","text":"Okays","html":"Okays"}],"langContent":"EN"},{"id":385865210,"gmtCreate":1613532283430,"gmtModify":1704881701064,"author":{"id":"3574420069737654","authorId":"3574420069737654","name":"ElvisYeoh","avatar":"https://static.tigerbbs.com/4cf701137761dd88a402af54f048f9b8","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3574420069737654","authorIdStr":"3574420069737654"},"htmlText":"bad","listText":"bad","text":"bad","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/385865210","repostId":1121312034,"repostType":4,"repost":{"id":"1121312034","kind":"news","pubTimestamp":1613530382,"share":"https://ttm.financial/m/news/1121312034?lang=en_US&edition=fundamental","pubTime":"2021-02-17 10:53","market":"us","language":"en","title":"Citibank can't get back $500 million it wired by mistake, judge rules","url":"https://stock-news.laohu8.com/highlight/detail?id=1121312034","media":"CNN Business","summary":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank ","content":"<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citibank can't get back $500 million it wired by mistake, judge rules</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitibank can't get back $500 million it wired by mistake, judge rules\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 10:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗"},"source_url":"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121312034","content_text":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's lenders, a US District Court judge ruled.Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all,Citi(C)accidentally sent $900 million to Revlon's lenders.Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.An exception to the ruleThe law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.But New York law has exceptions to this rule, known as the \"discharge-for-value-defense.\"If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. Revlon lenders said they believed Citibank was wiring prepayments for a loan. After all, the money accidentally wired was the exact amount \"to the penny\" Citibank owed them, although the loan wasn't set to mature for quite some time.\"We are extremely pleased with Judge [Jesse] Furman's thoughtful, thorough and detailed decision,\" said Benjamin Finestone, who represented two lenders, Brigade and HPS Investment Partners.'Borderline irrational'The court ruled the lenders were justified in believing the payment was intentional. Citibank itself did not realize the magnitude of its mistake until nearly a day later.\"To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion — would have been borderline irrational,\" the court document said.The judge's ruling used internal chats between HPS employees as further proof the creditors had no idea the wiring was a mistake until after Citibank sent notices. In the chat, which was dated a day after the mistaken wiring, HPS employees joked about the error:DFREY5: I feel really bad for the person that fat fingered a $900mm erroneous payment. Not a great career move . . . .JRABINOWIT12: certainly looks like they'll be looking for new people for their Ops groupDFREY5: How was work today honey? It was ok, except I accidentally sent $900mm out to people who weren't supposed to have itDFREY5: Downside of work from home. maybe the dog hit the keyboardThe lenders cannot take the money and run. Since an appeal is a possibility, a temporary restraining order is still in effect.\"We strongly disagree with this decision and intend to appeal. We believe we are entitled to the funds and will continue to pursue a complete recovery of them,\" Citigroup said in a statement.The pandemic has hurt makeup brands like Revlon(REV), shares of which are trading more than 40% lower from a year ago.","news_type":1,"symbols_score_info":{"REV":0.9,"C":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":385869151,"gmtCreate":1613531497673,"gmtModify":1704881692079,"author":{"id":"3573821515865359","authorId":"3573821515865359","name":"JHx","avatar":"https://static.tigerbbs.com/54eb39bebd911124a59d7bf934977d25","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3573821515865359","authorIdStr":"3573821515865359"},"htmlText":"Shag","listText":"Shag","text":"Shag","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/385869151","repostId":1121312034,"repostType":4,"repost":{"id":"1121312034","kind":"news","pubTimestamp":1613530382,"share":"https://ttm.financial/m/news/1121312034?lang=en_US&edition=fundamental","pubTime":"2021-02-17 10:53","market":"us","language":"en","title":"Citibank can't get back $500 million it wired by mistake, judge rules","url":"https://stock-news.laohu8.com/highlight/detail?id=1121312034","media":"CNN Business","summary":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank ","content":"<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citibank can't get back $500 million it wired by mistake, judge rules</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitibank can't get back $500 million it wired by mistake, judge rules\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 10:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗"},"source_url":"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121312034","content_text":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's lenders, a US District Court judge ruled.Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all,Citi(C)accidentally sent $900 million to Revlon's lenders.Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.An exception to the ruleThe law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.But New York law has exceptions to this rule, known as the \"discharge-for-value-defense.\"If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. Revlon lenders said they believed Citibank was wiring prepayments for a loan. After all, the money accidentally wired was the exact amount \"to the penny\" Citibank owed them, although the loan wasn't set to mature for quite some time.\"We are extremely pleased with Judge [Jesse] Furman's thoughtful, thorough and detailed decision,\" said Benjamin Finestone, who represented two lenders, Brigade and HPS Investment Partners.'Borderline irrational'The court ruled the lenders were justified in believing the payment was intentional. Citibank itself did not realize the magnitude of its mistake until nearly a day later.\"To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion — would have been borderline irrational,\" the court document said.The judge's ruling used internal chats between HPS employees as further proof the creditors had no idea the wiring was a mistake until after Citibank sent notices. In the chat, which was dated a day after the mistaken wiring, HPS employees joked about the error:DFREY5: I feel really bad for the person that fat fingered a $900mm erroneous payment. Not a great career move . . . .JRABINOWIT12: certainly looks like they'll be looking for new people for their Ops groupDFREY5: How was work today honey? It was ok, except I accidentally sent $900mm out to people who weren't supposed to have itDFREY5: Downside of work from home. maybe the dog hit the keyboardThe lenders cannot take the money and run. Since an appeal is a possibility, a temporary restraining order is still in effect.\"We strongly disagree with this decision and intend to appeal. We believe we are entitled to the funds and will continue to pursue a complete recovery of them,\" Citigroup said in a statement.The pandemic has hurt makeup brands like Revlon(REV), shares of which are trading more than 40% lower from a year ago.","news_type":1,"symbols_score_info":{"REV":0.9,"C":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":385869365,"gmtCreate":1613531491457,"gmtModify":1704881692241,"author":{"id":"3546933005981745","authorId":"3546933005981745","name":"francis3","avatar":"https://static.tigerbbs.com/5a5e1b786e43023ae6f9a0dc560e3dd6","vip":0,"crmLevel":0,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3546933005981745","authorIdStr":"3546933005981745"},"htmlText":"What happen to the staff who made the error?","listText":"What happen to the staff who made the error?","text":"What happen to the staff who made the error?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/385869365","repostId":1121312034,"repostType":4,"repost":{"id":"1121312034","kind":"news","pubTimestamp":1613530382,"share":"https://ttm.financial/m/news/1121312034?lang=en_US&edition=fundamental","pubTime":"2021-02-17 10:53","market":"us","language":"en","title":"Citibank can't get back $500 million it wired by mistake, judge rules","url":"https://stock-news.laohu8.com/highlight/detail?id=1121312034","media":"CNN Business","summary":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank ","content":"<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citibank can't get back $500 million it wired by mistake, judge rules</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitibank can't get back $500 million it wired by mistake, judge rules\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 10:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗"},"source_url":"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121312034","content_text":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's lenders, a US District Court judge ruled.Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all,Citi(C)accidentally sent $900 million to Revlon's lenders.Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.An exception to the ruleThe law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.But New York law has exceptions to this rule, known as the \"discharge-for-value-defense.\"If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. Revlon lenders said they believed Citibank was wiring prepayments for a loan. After all, the money accidentally wired was the exact amount \"to the penny\" Citibank owed them, although the loan wasn't set to mature for quite some time.\"We are extremely pleased with Judge [Jesse] Furman's thoughtful, thorough and detailed decision,\" said Benjamin Finestone, who represented two lenders, Brigade and HPS Investment Partners.'Borderline irrational'The court ruled the lenders were justified in believing the payment was intentional. Citibank itself did not realize the magnitude of its mistake until nearly a day later.\"To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion — would have been borderline irrational,\" the court document said.The judge's ruling used internal chats between HPS employees as further proof the creditors had no idea the wiring was a mistake until after Citibank sent notices. In the chat, which was dated a day after the mistaken wiring, HPS employees joked about the error:DFREY5: I feel really bad for the person that fat fingered a $900mm erroneous payment. Not a great career move . . . .JRABINOWIT12: certainly looks like they'll be looking for new people for their Ops groupDFREY5: How was work today honey? It was ok, except I accidentally sent $900mm out to people who weren't supposed to have itDFREY5: Downside of work from home. maybe the dog hit the keyboardThe lenders cannot take the money and run. Since an appeal is a possibility, a temporary restraining order is still in effect.\"We strongly disagree with this decision and intend to appeal. We believe we are entitled to the funds and will continue to pursue a complete recovery of them,\" Citigroup said in a statement.The pandemic has hurt makeup brands like Revlon(REV), shares of which are trading more than 40% lower from a year ago.","news_type":1,"symbols_score_info":{"REV":0.9,"C":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":385882225,"gmtCreate":1613530906167,"gmtModify":1704881685763,"author":{"id":"3573557044143770","authorId":"3573557044143770","name":"blahblah","avatar":"https://static.tigerbbs.com/25510c26ea6c0143951a85080bf9cf7b","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3573557044143770","authorIdStr":"3573557044143770"},"htmlText":"Oof","listText":"Oof","text":"Oof","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/385882225","repostId":1121312034,"repostType":4,"repost":{"id":"1121312034","kind":"news","pubTimestamp":1613530382,"share":"https://ttm.financial/m/news/1121312034?lang=en_US&edition=fundamental","pubTime":"2021-02-17 10:53","market":"us","language":"en","title":"Citibank can't get back $500 million it wired by mistake, judge rules","url":"https://stock-news.laohu8.com/highlight/detail?id=1121312034","media":"CNN Business","summary":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank ","content":"<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citibank can't get back $500 million it wired by mistake, judge rules</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitibank can't get back $500 million it wired by mistake, judge rules\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 10:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗"},"source_url":"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121312034","content_text":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's lenders, a US District Court judge ruled.Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all,Citi(C)accidentally sent $900 million to Revlon's lenders.Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.An exception to the ruleThe law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.But New York law has exceptions to this rule, known as the \"discharge-for-value-defense.\"If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. Revlon lenders said they believed Citibank was wiring prepayments for a loan. After all, the money accidentally wired was the exact amount \"to the penny\" Citibank owed them, although the loan wasn't set to mature for quite some time.\"We are extremely pleased with Judge [Jesse] Furman's thoughtful, thorough and detailed decision,\" said Benjamin Finestone, who represented two lenders, Brigade and HPS Investment Partners.'Borderline irrational'The court ruled the lenders were justified in believing the payment was intentional. Citibank itself did not realize the magnitude of its mistake until nearly a day later.\"To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion — would have been borderline irrational,\" the court document said.The judge's ruling used internal chats between HPS employees as further proof the creditors had no idea the wiring was a mistake until after Citibank sent notices. In the chat, which was dated a day after the mistaken wiring, HPS employees joked about the error:DFREY5: I feel really bad for the person that fat fingered a $900mm erroneous payment. Not a great career move . . . .JRABINOWIT12: certainly looks like they'll be looking for new people for their Ops groupDFREY5: How was work today honey? It was ok, except I accidentally sent $900mm out to people who weren't supposed to have itDFREY5: Downside of work from home. maybe the dog hit the keyboardThe lenders cannot take the money and run. Since an appeal is a possibility, a temporary restraining order is still in effect.\"We strongly disagree with this decision and intend to appeal. We believe we are entitled to the funds and will continue to pursue a complete recovery of them,\" Citigroup said in a statement.The pandemic has hurt makeup brands like Revlon(REV), shares of which are trading more than 40% lower from a year ago.","news_type":1,"symbols_score_info":{"REV":0.9,"C":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3587040,"gmtCreate":1613531190724,"gmtModify":1680777166650,"authorId":3570343633899015,"author":{"id":3570343633899015,"idStr":"3570343633899015","authorId":3570343633899015,"name":"xiaochan","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":12,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":385882225,"type":1,"supId":0,"prevId":0,"content":"Wah","text":"Wah","html":"Wah"}],"langContent":"EN"},{"id":385886985,"gmtCreate":1613530786147,"gmtModify":1704881683816,"author":{"id":"3574311189258651","authorId":"3574311189258651","name":"MamaChee","avatar":"https://static.tigerbbs.com/8746e5db49574f0951a9f0c69a2044ec","vip":1,"crmLevel":12,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3574311189258651","authorIdStr":"3574311189258651"},"htmlText":"Wow","listText":"Wow","text":"Wow","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/385886985","repostId":1121312034,"repostType":4,"repost":{"id":"1121312034","kind":"news","pubTimestamp":1613530382,"share":"https://ttm.financial/m/news/1121312034?lang=en_US&edition=fundamental","pubTime":"2021-02-17 10:53","market":"us","language":"en","title":"Citibank can't get back $500 million it wired by mistake, judge rules","url":"https://stock-news.laohu8.com/highlight/detail?id=1121312034","media":"CNN Business","summary":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank ","content":"<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citibank can't get back $500 million it wired by mistake, judge rules</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitibank can't get back $500 million it wired by mistake, judge rules\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 10:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗"},"source_url":"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121312034","content_text":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's lenders, a US District Court judge ruled.Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all,Citi(C)accidentally sent $900 million to Revlon's lenders.Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.An exception to the ruleThe law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.But New York law has exceptions to this rule, known as the \"discharge-for-value-defense.\"If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. Revlon lenders said they believed Citibank was wiring prepayments for a loan. After all, the money accidentally wired was the exact amount \"to the penny\" Citibank owed them, although the loan wasn't set to mature for quite some time.\"We are extremely pleased with Judge [Jesse] Furman's thoughtful, thorough and detailed decision,\" said Benjamin Finestone, who represented two lenders, Brigade and HPS Investment Partners.'Borderline irrational'The court ruled the lenders were justified in believing the payment was intentional. Citibank itself did not realize the magnitude of its mistake until nearly a day later.\"To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion — would have been borderline irrational,\" the court document said.The judge's ruling used internal chats between HPS employees as further proof the creditors had no idea the wiring was a mistake until after Citibank sent notices. In the chat, which was dated a day after the mistaken wiring, HPS employees joked about the error:DFREY5: I feel really bad for the person that fat fingered a $900mm erroneous payment. Not a great career move . . . .JRABINOWIT12: certainly looks like they'll be looking for new people for their Ops groupDFREY5: How was work today honey? It was ok, except I accidentally sent $900mm out to people who weren't supposed to have itDFREY5: Downside of work from home. maybe the dog hit the keyboardThe lenders cannot take the money and run. Since an appeal is a possibility, a temporary restraining order is still in effect.\"We strongly disagree with this decision and intend to appeal. We believe we are entitled to the funds and will continue to pursue a complete recovery of them,\" Citigroup said in a statement.The pandemic has hurt makeup brands like Revlon(REV), shares of which are trading more than 40% lower from a year ago.","news_type":1,"symbols_score_info":{"REV":0.9,"C":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":385889541,"gmtCreate":1613530429283,"gmtModify":1704881679389,"author":{"id":"3565133850047267","authorId":"3565133850047267","name":"therealp","avatar":"https://static.tigerbbs.com/8d09d4444f8072c72e950ca9c8dc044e","vip":1,"crmLevel":11,"crmLevelSwitch":0,"wearingBadges":[],"idStr":"3565133850047267","authorIdStr":"3565133850047267"},"htmlText":"like and comment please","listText":"like and comment please","text":"like and comment please","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/385889541","repostId":1121312034,"repostType":4,"repost":{"id":"1121312034","kind":"news","pubTimestamp":1613530382,"share":"https://ttm.financial/m/news/1121312034?lang=en_US&edition=fundamental","pubTime":"2021-02-17 10:53","market":"us","language":"en","title":"Citibank can't get back $500 million it wired by mistake, judge rules","url":"https://stock-news.laohu8.com/highlight/detail?id=1121312034","media":"CNN Business","summary":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank ","content":"<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Citibank can't get back $500 million it wired by mistake, judge rules</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nCitibank can't get back $500 million it wired by mistake, judge rules\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-02-17 10:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html><strong>CNN Business</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's ...</p>\n\n<a href=\"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"C":"花旗"},"source_url":"https://edition.cnn.com/2021/02/16/business/citibank-revlon-lawsuit-ruling/index.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1121312034","content_text":"New York (CNN Business) After committing one of the \"biggest blunders in banking history,\" Citibank won't be allowed to recover the almost half a billion dollars it accidentally wired to Revlon's lenders, a US District Court judge ruled.Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all,Citi(C)accidentally sent $900 million to Revlon's lenders.Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.An exception to the ruleThe law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital age, and wires can be paid back instantly. A Pennsylvania couple faced felony charges after spending money accidentally deposited in their account.But New York law has exceptions to this rule, known as the \"discharge-for-value-defense.\"If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. Revlon lenders said they believed Citibank was wiring prepayments for a loan. After all, the money accidentally wired was the exact amount \"to the penny\" Citibank owed them, although the loan wasn't set to mature for quite some time.\"We are extremely pleased with Judge [Jesse] Furman's thoughtful, thorough and detailed decision,\" said Benjamin Finestone, who represented two lenders, Brigade and HPS Investment Partners.'Borderline irrational'The court ruled the lenders were justified in believing the payment was intentional. Citibank itself did not realize the magnitude of its mistake until nearly a day later.\"To believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion — would have been borderline irrational,\" the court document said.The judge's ruling used internal chats between HPS employees as further proof the creditors had no idea the wiring was a mistake until after Citibank sent notices. In the chat, which was dated a day after the mistaken wiring, HPS employees joked about the error:DFREY5: I feel really bad for the person that fat fingered a $900mm erroneous payment. Not a great career move . . . .JRABINOWIT12: certainly looks like they'll be looking for new people for their Ops groupDFREY5: How was work today honey? It was ok, except I accidentally sent $900mm out to people who weren't supposed to have itDFREY5: Downside of work from home. maybe the dog hit the keyboardThe lenders cannot take the money and run. Since an appeal is a possibility, a temporary restraining order is still in effect.\"We strongly disagree with this decision and intend to appeal. We believe we are entitled to the funds and will continue to pursue a complete recovery of them,\" Citigroup said in a statement.The pandemic has hurt makeup brands like Revlon(REV), shares of which are trading more than 40% lower from a year ago.","news_type":1,"symbols_score_info":{"REV":0.9,"C":0.9}},"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":3586969,"gmtCreate":1613530629357,"gmtModify":1680777168139,"authorId":3575346220147121,"author":{"id":3575346220147121,"idStr":"3575346220147121","authorId":3575346220147121,"name":"ALT","avatar":"https://static.tigerbbs.com/8be5ce591282da3fbb11ca2132a854e2","vip":1,"crmLevel":11,"crmLevelSwitch":0,"individualDisplayBadges":[],"wearingBadges":[]},"repliedAuthorId":0,"objectId":385889541,"type":1,"supId":0,"prevId":0,"content":"Interesting hows its ruled","text":"Interesting hows its ruled","html":"Interesting hows its ruled"}],"langContent":"EN"}],"hasMoreComments":true,"newsSizeData":{"likeSize":22,"commentSize":19,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}