But Andrew Cuomo makes no pretense that he Trumps NY Vonst Art 1 Sec 3 and even a Yale Law School Professor who wants to pray at Nassau OTB on
eg Sunday April 4 can go straight to hell or any schoolyard court they want
Schoolyard Justice in Federal Court
Citibank’s errant billion-dollar payment leads to a ruling that could upset commercial law.
The Citibank corporate headquarters in New York, May 20, 2015.
PHOTO: MIKE SEGAR/REUTERS
‘Finders keepers, losers weepers” is something you expect to hear in a schoolyard, not a courtroom. But a federal judge effectively delivered that message to Citibank recently. The bank administered a loan of some $1 billion, sending payments fromRevlon to the lenders. Citibank mistakenly sent a wire transfer of the entire principal amount due when it only intended a single installment.
Under established law, the money that Citibank wired should be repaid because it was sent by mistake. But U.S. District Judge Jesse Furman upset settled law and allowed lenders to keep the money on the ground that the recipients did not have notice that the funds had been sent erroneously. If that became the rule, it would upset the important relationships among lenders, borrowers and trusted intermediaries.
Some lenders who received the erroneous payments respected principles of basic fairness, as well as longstanding commercial practice and law, and returned almost one-half of the money to its rightful owner. The others took the novel position that since Revlon owed the funds eventually, they should be allowed to keep it. Never mind that Citibank didn’t owe any money at all—or that Revlon wasn’t due to pay off the entire loan for another three years.
Mistakes happen all the time, in financial markets as elsewhere in life. There are protocols for dealing with mistakes. If I wake up one morning and find an extra $100,000 in my bank account, I must allow the bank to reclaim it. If I withdraw and spend it, I can be held civilly liable—or even criminally if I know the money isn’t mine.
Mistakes like this occur with surprising frequency. In 2017, the German bank KfW mistakenly transferred $5.4 billion to lenders. In China, the bank Rural Commercial Bank in Changsha thought that a customer’s 10-digit account number was actually the amount of money to be transferred, and mistakenly sent 1.2 billion yuan (around $190 million) to the customer. Deutsche Bank recently sent $6 billion to a U.S.-based hedge fund in error. In all these cases, the banks recovered the errant funds transfers almost immediately.
Citibank filed what it likely thought was a routine lawsuit to recover the funds that weren’t voluntarily returned. The trial court opinion simply is not based in commercial reality, where human error occurs regularly. If it stands on appeal, the precedent will raise the cost of doing business by injecting needless uncertainty into the critical job of serving as intermediary between suppliers of capital and borrowers.
Mr. Macey is a professor at Yale Law
Teacher quits union over its pro-BDS stance
Lindsey Kohn of James Madison Middle School said in a heated resignation letter that she felt “unsafe as a Jew” in the United Teachers Los Angeles, the Jewish Journal reported on Tuesday.
MORE ON:
FBI encrypted phone app leads to hundreds of global underworld arrests
Department of law with loud voice saying he prevented Russians Iranians Easter Europeans Greeks, and everyone from betting stakes race etc at Santa Anita on Sunday April 4 2021
At Nassau OTB and over the internet
We whipped the hackers good
NYC Law Department’s network frozen after cyberattack &
![](data:image/svg+xml;charset=utf-8,<svg height="652px" width="978px" xmlns="http://www.w3.org/2000/svg" version="1.1"/>)
Sunday April 4 2021
| Entryway | Scratch | 1st Post ET | 1st Post Local | Time Zone | Stakes Race(s) | Stakes Grade | T.V. Indicator | ||
|---|---|---|---|---|---|---|---|---|---|
| GG | GOLDEN GATE FIELDS | 72 | 24 | 3:45 PM | 12:45 PM | PDT | |||
| HAW | HAWTHORNE | the 72 | 0 | 4:10 PM | 3:10 PM | CDT | |||
| LAD | LOUISIANA DOWNS (QH) | 168 | 0 | 2:00 PM | 1:00 PM | CDT | |||
| SA | SANTA Anit |
Stop scratching on holidays
Published: June 1, 2012
Off Track Betting in New York State has been racing into a crisis called shrinking revenue. Some people have spitballed a solution: Don’t close on holidays.
New York State Racing Law bars racing on Christmas, Easter and Palm Sunday, and the state has ruled OTBs can’t handle action on those days, even though they could easily broadcast races from out of state.
“You should be able to bet whenever you want,” said Jackson Leeds, a Nassau OTB employee who makes an occasional bet. He added some irrefutable logic: “How is the business going to make money if you’re not open to take people’s bets?”
Elias Tsekerides, president of the Federation of Hellenic Societies of Greater New York, said OTB is open on Greek Orthodox Easter and Palm Sunday.
“I don’t want discrimination,” Tsekerides said. “They close for the Catholics, but open for the Greek Orthodox? It’s either open for all or not open.”
OTB officials have said they lose millions by closing on Palm Sunday alone, with tracks such as Gulfstream, Santa Anita, Turf Paradise and Hawthorne running.
One option: OTBs could just stay open and face the consequences. New York City OTB did just thato back in 2003. The handle was about $1.5 million – and OTB was fined $5,000.
Easy money.
No comments:
Post a Comment