These things happen but you would not have expected it within Citibank with all the risk management experts in the American bank. I am not sure about the judge but this is a new world: it is better to obey than to sacrifice. Yes, even the court will not fix your stupidity. Of course, it is key to note that the recipients have reasons to expect the money even though it is coming earlier than planned. But no matter what, this tells us that machines must be under the guidance of humans, especially when it comes to money. I pity the humans who made this mistake!
Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all, Citi (C) accidentally sent $900 million to Revlon's lenders.
Some lenders did return the money, but others did not. Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.
These things happen but you would not have expected it within Citibank with all the risk management experts in the American bank. I am not sure about the judge but this is a new world: it is better to obey than to sacrifice. Yes, even the court will not fix your stupidity. Of course, it is key to note that the recipients have reasons to expect the money even though it is coming earlier than planned. But no matter what, this tells us that machines must be under the guidance of humans, especially when it comes to money. I pity the humans who made this mistake!
Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders. Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund. In all, Citi (C) accidentally sent $900 million to Revlon's lenders.
Some lenders did return the money, but others did not. Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.
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