{"id":124402,"date":"2021-02-22T15:52:42","date_gmt":"2021-02-22T19:52:42","guid":{"rendered":"https:\/\/anrupdate.com\/?p=124402"},"modified":"2021-02-22T15:52:42","modified_gmt":"2021-02-22T19:52:42","slug":"citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/","title":{"rendered":"Citibank mistakenly wired lenders $900 million and they can’t get it back"},"content":{"rendered":"
\"\"<\/a><\/div>
\"\"<\/a><\/div>

Citibank will not get back the nearly $900 million it accidentally sent to lenders, a U.S. District Court judge has ruled.<\/p>

\"\"<\/a><\/div>\n

In August, Citibank intended to wire approximately $7.8 million to makeup brand Revlon\u2019s lenders.<\/p>\n

According to the court ruling, it \u201cinstead made one of the biggest blunders in banking history: It mistakenly wired, in addition to Revlon\u2019s $7.8 million, almost $900 million of its own money as well.\u201d<\/p>

\"\"<\/a><\/div>
\"\"<\/div>\n

The full loan payment \u2014 of $1.8 billion \u2014 was not due until 2023. According to the court ruling, \u201chuman error\u201d was to blame for the mistake.<\/p>

\"\"<\/a><\/div>\n

Despite the error, the judge ruled, the lenders will be able to keep the money.<\/p>\n

While the law typically treats \u201ca failure to return money that is wired by mistake\u201d as \u201cunjust enrichment or conversion,\u201d under New York law, there is an exception to the rule.<\/p>

\"\"<\/a><\/div>\n

Per the court ruling: \u201cThe recipient is allowed to keep the funds if they discharge a valid debt, the recipient made no misrepresentations to induce the payment, and the recipient did not have notice of the mistake.\u201d<\/p>\n

Defendants in the case included ten investment firms. They received over $500 million from the mistaken wires from Citibank.<\/p>

\"\"<\/a><\/div>\n

Citibank said in a statement: \u201cWe strongly disagree with this decision and intend to appeal. We believe we are entitled to the funds and will continue to pursue a complete recovery of them.\u201d<\/p>

\"\"<\/a><\/div>\n

In a statement shared with\u00a0Reuters<\/a>, the lawyers representing the lenders said they were \u201cextremely pleased\u201d with the verdict.<\/p>\n

\"\"<\/a><\/div>","protected":false},"excerpt":{"rendered":"

Citibank will not get back the nearly $900 million it accidentally sent to lenders, a U.S. District Court judge has ruled. In August, Citibank intended to wire approximately $7.8 million to makeup brand Revlon\u2019s lenders. According to the court ruling, it \u201cinstead made one of the biggest blunders in banking history: It mistakenly wired, in […]<\/p>\n","protected":false},"author":3,"featured_media":124403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-124402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-regional"],"yoast_head":"\nCitibank mistakenly wired lenders $900 million and they can't get it back - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Citibank mistakenly wired lenders $900 million and they can't get it back\" \/>\n<meta property=\"og:description\" content=\"Citibank will not get back the nearly $900 million it accidentally sent to lenders, a U.S. District Court judge has ruled. In August, Citibank intended to wire approximately $7.8 million to makeup brand Revlon\u2019s lenders. According to the court ruling, it \u201cinstead made one of the biggest blunders in banking history: It mistakenly wired, in […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/\" \/>\n<meta property=\"og:site_name\" content=\"Antigua News Room\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/antiguanewsroom\" \/>\n<meta property=\"article:published_time\" content=\"2021-02-22T19:52:42+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mlavawteztbj.i.optimole.com\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/02\/CITI.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1752\" \/>\n\t<meta property=\"og:image:height\" content=\"986\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Editor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@AntiguaNewsRoom\" \/>\n<meta name=\"twitter:site\" content=\"@AntiguaNewsRoom\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Editor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/\"},\"author\":{\"name\":\"Editor\",\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/person\/36cac05ef6398fe56ae3e6317f8535c5\"},\"headline\":\"Citibank mistakenly wired lenders $900 million and they can’t get it back\",\"datePublished\":\"2021-02-22T19:52:42+00:00\",\"dateModified\":\"2021-02-22T19:52:42+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/\"},\"wordCount\":256,\"commentCount\":1,\"publisher\":{\"@id\":\"https:\/\/antiguanewsroom.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1752\/h:986\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/02\/CITI.jpg\",\"articleSection\":[\"Regional\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/\",\"url\":\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/\",\"name\":\"Citibank mistakenly wired lenders $900 million and they can't get it back - Antigua News Room\",\"isPartOf\":{\"@id\":\"https:\/\/antiguanewsroom.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1752\/h:986\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/02\/CITI.jpg\",\"datePublished\":\"2021-02-22T19:52:42+00:00\",\"dateModified\":\"2021-02-22T19:52:42+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#primaryimage\",\"url\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1752\/h:986\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/02\/CITI.jpg\",\"contentUrl\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1752\/h:986\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/02\/CITI.jpg\",\"width\":1752,\"height\":986},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/antiguanewsroom.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Citibank mistakenly wired lenders $900 million and they can’t get it back\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/antiguanewsroom.com\/#website\",\"url\":\"https:\/\/antiguanewsroom.com\/\",\"name\":\"Antigua News Room\",\"description\":\"News As It Happens\",\"publisher\":{\"@id\":\"https:\/\/antiguanewsroom.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/antiguanewsroom.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/antiguanewsroom.com\/#organization\",\"name\":\"Antigua Newsroom\",\"url\":\"https:\/\/antiguanewsroom.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1080\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/08\/IMG_1584.jpeg\",\"contentUrl\":\"https:\/\/mlavawteztbj.i.optimole.com\/w:1080\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/08\/IMG_1584.jpeg\",\"width\":1260,\"height\":1260,\"caption\":\"Antigua Newsroom\"},\"image\":{\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/antiguanewsroom\",\"https:\/\/x.com\/AntiguaNewsRoom\",\"https:\/\/www.instagram.com\/antiguanewsroom\/\"]},{\"@type\":\"Person\",\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/person\/36cac05ef6398fe56ae3e6317f8535c5\",\"name\":\"Editor\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/antiguanewsroom.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ad516503a11cd5ca435acc9bb6523536?s=96\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ad516503a11cd5ca435acc9bb6523536?s=96\",\"caption\":\"Editor\"},\"url\":\"https:\/\/antiguanewsroom.com\/author\/editor\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Citibank mistakenly wired lenders $900 million and they can't get it back - Antigua News Room","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/","og_locale":"en_US","og_type":"article","og_title":"Citibank mistakenly wired lenders $900 million and they can't get it back","og_description":"Citibank will not get back the nearly $900 million it accidentally sent to lenders, a U.S. District Court judge has ruled. In August, Citibank intended to wire approximately $7.8 million to makeup brand Revlon\u2019s lenders. According to the court ruling, it \u201cinstead made one of the biggest blunders in banking history: It mistakenly wired, in […]","og_url":"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/","og_site_name":"Antigua News Room","article_publisher":"https:\/\/www.facebook.com\/antiguanewsroom","article_published_time":"2021-02-22T19:52:42+00:00","og_image":[{"width":1752,"height":986,"url":"https:\/\/mlavawteztbj.i.optimole.com\/w:auto\/h:auto\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/02\/CITI.jpg","type":"image\/jpeg"}],"author":"Editor","twitter_card":"summary_large_image","twitter_creator":"@AntiguaNewsRoom","twitter_site":"@AntiguaNewsRoom","twitter_misc":{"Written by":"Editor","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#article","isPartOf":{"@id":"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/"},"author":{"name":"Editor","@id":"https:\/\/antiguanewsroom.com\/#\/schema\/person\/36cac05ef6398fe56ae3e6317f8535c5"},"headline":"Citibank mistakenly wired lenders $900 million and they can’t get it back","datePublished":"2021-02-22T19:52:42+00:00","dateModified":"2021-02-22T19:52:42+00:00","mainEntityOfPage":{"@id":"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/"},"wordCount":256,"commentCount":1,"publisher":{"@id":"https:\/\/antiguanewsroom.com\/#organization"},"image":{"@id":"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#primaryimage"},"thumbnailUrl":"https:\/\/mlavawteztbj.i.optimole.com\/w:1752\/h:986\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/02\/CITI.jpg","articleSection":["Regional"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/","url":"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/","name":"Citibank mistakenly wired lenders $900 million and they can't get it back - Antigua News Room","isPartOf":{"@id":"https:\/\/antiguanewsroom.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#primaryimage"},"image":{"@id":"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#primaryimage"},"thumbnailUrl":"https:\/\/mlavawteztbj.i.optimole.com\/w:1752\/h:986\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/02\/CITI.jpg","datePublished":"2021-02-22T19:52:42+00:00","dateModified":"2021-02-22T19:52:42+00:00","breadcrumb":{"@id":"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#primaryimage","url":"https:\/\/mlavawteztbj.i.optimole.com\/w:1752\/h:986\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/02\/CITI.jpg","contentUrl":"https:\/\/mlavawteztbj.i.optimole.com\/w:1752\/h:986\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2021\/02\/CITI.jpg","width":1752,"height":986},{"@type":"BreadcrumbList","@id":"https:\/\/antiguanewsroom.com\/citibank-mistakenly-wired-lenders-900-million-and-they-cant-get-it-back\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/antiguanewsroom.com\/"},{"@type":"ListItem","position":2,"name":"Citibank mistakenly wired lenders $900 million and they can’t get it back"}]},{"@type":"WebSite","@id":"https:\/\/antiguanewsroom.com\/#website","url":"https:\/\/antiguanewsroom.com\/","name":"Antigua News Room","description":"News As It Happens","publisher":{"@id":"https:\/\/antiguanewsroom.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/antiguanewsroom.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/antiguanewsroom.com\/#organization","name":"Antigua Newsroom","url":"https:\/\/antiguanewsroom.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/antiguanewsroom.com\/#\/schema\/logo\/image\/","url":"https:\/\/mlavawteztbj.i.optimole.com\/w:1080\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/08\/IMG_1584.jpeg","contentUrl":"https:\/\/mlavawteztbj.i.optimole.com\/w:1080\/h:1080\/q:mauto\/f:best\/https:\/\/antiguanewsroom.com\/wp-content\/uploads\/2025\/08\/IMG_1584.jpeg","width":1260,"height":1260,"caption":"Antigua Newsroom"},"image":{"@id":"https:\/\/antiguanewsroom.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/antiguanewsroom","https:\/\/x.com\/AntiguaNewsRoom","https:\/\/www.instagram.com\/antiguanewsroom\/"]},{"@type":"Person","@id":"https:\/\/antiguanewsroom.com\/#\/schema\/person\/36cac05ef6398fe56ae3e6317f8535c5","name":"Editor","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/antiguanewsroom.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ad516503a11cd5ca435acc9bb6523536?s=96","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ad516503a11cd5ca435acc9bb6523536?s=96","caption":"Editor"},"url":"https:\/\/antiguanewsroom.com\/author\/editor\/"}]}},"_links":{"self":[{"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/posts\/124402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/comments?post=124402"}],"version-history":[{"count":0,"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/posts\/124402\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/media\/124403"}],"wp:attachment":[{"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/media?parent=124402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/categories?post=124402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/antiguanewsroom.com\/anr-api\/wp\/v2\/tags?post=124402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}