Ep. 188: Citibank’s $900 Million Mistake
In August, Citibank accidentally paid $900 million to creditors of cosmetics giant Revlon, which a federal judge called "one of the biggest blunders in banking history.” Rubbing salt in the wound, the judge also ruled this week that the bank cannot reclaim the bulk of the erroneous payment. This week, the gang breaks down Citi’s embarrassing misstep and its unsuccessful bid to undo it in federal court. Also this week: Jones Day gets hit by a sweeping data breach that has much of BigLaw on guard; and Peloton muscles up against what it says is a “baseless” campaign to assert a trademark dominion over the term “spinning.” Finally, Zoom court misadventures continue to percolate as a California judge raps an attorney for not wearing a tie.
