TIL that after 3 Citibank employees made a mistake and accidentally wired $893 MILLION to a client that owed money, that client got to keep every penny after citing a 30-year-old precedent :)

Read more: https://www.reuters.com/article/us-citigroup-revlon-lawsuit-idUSKBN2AG1TJ

What do you think?

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  1. It wasn’t a client that owed money, it was a group of investors with a loan. People are gonna think some random person with an overdrawn account got all this money. That’s not what happened. It was a group of corporations who took out a loan and were making regular payments on it.

  2. Per the article: The $893M was a legitimate balance on a loan owed to the clients from Citibank, it just wasnt due in full until 2023. So Citibank was just out the interest on whatever short term loan they had to get to cover a 2 year liquidity problem. 24 months interest on $0.9B would be sunstantial tho so someone got fired…..

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