A February 16, 2021 decision of the United States District Court for the Southern District of New York held, in In re Citibank August 11, 2020 Wire Transfers, 520 F. Supp. 3d 390, that lenders who received almost $900 million mistakenly wired to them by Citibank (the administrative agent for a $1.8-billion syndicated seven-year term loan to Revlon [2016 Loan]) were entitled to keep the money.
The Swiss Insurance Oversight Act has been subject to a partial revision in order to bring the protection of insurance customers in line with international developments and to improve the competitiveness of the Swiss insurance sector. The new provisions include a new insolvency restructuring regime, a customer categorisation making supervisory requirements proportional to the protection required by customers as well as new rules of conduct applicable to insurance undertakings and intermediaries.
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