Citibank can't get back $500 million it wired by mistake, judge rules - News Summed Up

Citibank can't get back $500 million it wired by mistake, judge rules


Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund . An exception to the ruleThe law usually punishes those who spend money accidentally deposited in their accounts. If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it. After all, the money accidentally wired was the exact amount "to the penny" Citibank owed them, although the loan wasn't set to mature for quite some time. It was ok, except I accidentally sent $900mm out to people who weren't supposed to have itDFREY5: Downside of work from home.


Source: CNN February 16, 2021 18:56 UTC



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