#Citibank #Finance #Economy
Last August, Citigroup Inc. wired $900 million to some hedge funds by accident. Then it sent a note to the hedge funds saying, oops, sorry about that, please send us the money back. Some did. Others preferred to keep the money. Citi sued them. A Few days ago, Citi lost, and they got to keep the money.
Twenty hours before they filed the lawsuit, though, they got lucky: Citigroup just wired them all their money. They received wire transfers for the full amount of principal and accrued interest they were owed on the loan. Citibank’s Asset-Based Transitional Finance (“ABTF”) team, a subgroup of Citibank’s Loan Operations group that is focused on processing and servicing of asset-based loans, was tasked with executing the roll-up transaction on Flexcube, a software application and loan product processing program that the bank uses for initiating and executing wire payments.
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