Citigroup’s $900m accidental payment headed for the courts
The bank made payments to multiple investors that are not inclined to give them back, with some saying they have legal grounds to keep the money
19 August 2020 - 16:16
It will sound familiar. You’re doing an electronic transfer for $10 and just stop short of sending $1,000 by mistake. Sometimes bungled transactions like this go through — but rarely on the scale of last week’s $900m payments blunder by Citigroup, which paid debt investors roughly 100 times more than it was supposed to.
The problem here is not just the size of the giant bank’s mistake. A history of bad will between Citi and some of the recipients is making it hard to undo the lapse...
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