Too Complex to Succeed: Citibank Incorrect Wires Out $900MM: Part 3 – Pierson v. Post and Black Swans
By EsqSocial Corporation 25/02/21
This week, I have been reviewing the recent court decision involving Citibank. The bank was attempting to recoup some $500 million of a total of $900 million it erroneously wired out on behalf of Revlon to Revlon’s creditors. The full District Court opinion is available here. Previously I have reviewed the facts and legal arguments and the compliance lessons learned. Today I want to consider whether the matter was so unusual as to qualify as a Black Swan event and what that might mean in a court...
By: Thomas Fox