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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Citigroup wins appeal over $500m it sent by mistake
“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.
