New York (CNN Business) – When it comes to committing one of the “major mistakes in banking history”, Citibank will not be able to recover the 500 million dollars that were accidentally transferred to Revlon’s clerks, dictating a judgment of a United States District Court.
Citibank, which acts as Revlon’s presiding agent, intends to send US $ 8 million around interest-bearing companies to cosmetic companies’ employees. In addition, Citibank accidentally transferred 100 times this amount, including US $ 175 million to a fundraising fund. In total, the US $ 900 million by accident ended up per revlon by accident.
Citibank filed a lawsuit in August seeking the redemption of its funds, but it has not received US $ 500 million from 10 companies for the accidental money laundering company.
Citibank case, an exception to the rule
It generally casts its money on women deposited accidentally in its accounts. Accidental transfers to communes in the digital age and cables can be instantly reembolished. A parish of Pennsylvania is loading loads of heavy debris after having accidentally lost money deposited in its account.
But the New York City has its exceptions to this rule, known as “value defense”.
If the beneficiary has the right to the money and does not know that it was accidentally transferred, it can be redeemed. Revlon’s executives say they believe Citibank will be transferring pageants ahead of time. After all, the money was accidentally transferred to the exact amount “al centavo” that Citibank debited, although the price of the window did not last long.
“We are extremely pleased with the reflexive, complete and detailed decision of the court [Jesse] Furman », dijo Benjamin Finestone, representative of the prestamistas, Brigade and HPS Investment Partners.
‘Casi irracional’
The tribunal ruled that the priests instituted justified the creation of the intentional payment. Citibank’s proposal does not state the magnitude of its error in case of a delay.
“Create that Citibank, one of the most sophisticated financial institutions in the world, has committed an error that has never been sued, by a sum of millions of dollars, has been irrational,” the legal document said. The case uses internal conversations between HPS employees as an additional proof that the creditors have no idea that the transfer was an error that Citibank sent notifications. If you make a chat, you will find the error of the HPS bromearon sobre el:
DFREY5: I’m very sorry for the person who sent a $ 900 mm erroneous payment. It is not a big professional move
JRABINOWIT12: I would like to announce that a newcomer will be available to his operating team
DFREY5: How did the work take place, cariño? Estuvo well, except that accidentally sent $ 900 mm to people who were superstar not debien tenerlo
DFREY5: Desventajas del trabajo desde casa. Tal vez el perro golpeó el teclado
Los prestamistas no pueden tomar el dinero y correr. Given that it is possible an appeal, an order of temporary restraint todavía is in force.
“We are totally in agreement with this decision and we intend to appeal. We will take care of the funds and continue to look for a complete recovery of them “, said Citigroup in a statement.
The pandemic has affected makeup brands like Revlon, with actions contributing more than 40% to the one that has one year.