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A US appeals court has overturned a ruling that allowed hedge funds to keep half a billion dollars that Citigroup mistakenly sent to them, in a victory for the Wall Street bank that could enable it to recoup the money.
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“While Citi has taken steps to reduce the likelihood of such an error in the future, today’s decision provides welcome stability and upholds the concept of co-operation needed for a well-functioning syndicated lending market,” the bank said.
https://www.ft.com/content/94479e58-8fce-4c38-bba6-2cba60a2f793
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