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.
USA, New York, Banking, Insolvency & Restructuring, Litigation, Davies Ward Phillips & Vineberg LLP, Clawback/avoidance/preferences/fraudulent transfers, Avoidance/clawback, Citibank, U.S. Court of Appeals
Insolvency intersected with the UK government’s response to the coronavirus pandemic in an application to the High Court by the administrators of restaurant chain Carluccio’s. Considering the government’s Coronavirus Job Retention Scheme (the “Scheme”), the court held that:
United Kingdom, Employment & Labor, Insolvency & Restructuring, Morrison & Foerster LLP, Coronavirus