Citibank Loan 'Blunder' Ruling Raises Appellate Issues

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."[1]

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...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!