Citibank’s $900 Million Black Swan
By EsqSocial Corporation 24/02/21
On February 16, Judge Furman of the Southern District of New York handed down a ruling in In re Citibank August 11, 2020 Wire Transfers concluding that Citibank could not recover $900 million inadvertently wired to lenders. The entire 105-page decision is a fascinating read, describing a near-perfect storm of convoluted financial arrangements, technological limitations, and all-too-understandable human error that culminated in the following screen shot from Citibank’s internal system......
By: Lowenstein Sandler LLP