Disperse around half a billion dollars, the court does not allow CitiBank to return the money

CitiBank, who was acting as a revlon loan agent, was aiming to send about $8m in interest payments to bank lenders. Instead of sending this forward, CitiBank “accidentally connected” almost 100 times that amount, including 175 million dollars in a defence fund, writes CNN BusinessTranslation Periscope.

In all, CitiBank accidentally sent about $900m to the Revlon lenders.

The bank filed a trial in August last year, demanding the return of its funds, but has not yet received $500m from 10 investment consulting firms after the accidental transfer.

An exception to the Law

The law usually punishes those who spend money accidentally deposited in their accounts. Accidental transfers are common in the digital era and wires can be paid immediately. A couple from Pennsylvania faced charges of crime after spending money accidentally deposited in their accounts. But New York law has exceptions to this rule known as “downloading for value”.

If the beneficiary is right about the money and did not know that they were accidentally connected, he could keep them to himself. Revlon's lenders have said they believed CitiBank was installing payment for a loan. Above all, the accidentally linked money was the exact amount owed to them by CitiBank, although the loan was not set to be executed for long. /Periscopi/