Citi loses fight to recoup mistaken payments
The bank had hoped to recover some of the nearly $900m it erroneously wired in August. …
Judge Furman in Manhattan said he was bound by New York law, which has previously found that funds received to recoup a debt do not need to be returned, if “they discharge a valid debt, the recipient made no misrepresentations to induce the payment, and the recipient did not have notice of the mistake”.
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