By Gregg Weiner, Douglas Hallward-Driemeier and Alexander Simkin (March 5, 2021, 4:52 PM EST) -- On Feb. 16, Judge Jesse M. Furman of the U.S. District Court for the Southern District of New York held that Citibank NA is not entitled to recover approximately $500 million of its own money accidentally sent to Revlon Inc.'s lenders in "one of the biggest blunders in banking history."
The order has sent shockwaves through the syndicated loan industry. So far, most commentators have focused on the court's detailed factual findings, including explicit witness credibility findings, and concluded that the order is likely to survive appeal because of the significant deference appellate courts give such determinations.
That analysis, however, glosses...
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