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In Citibank Wire Transfer Case Talk of Fat Finger Screw Up Then Revlon Warren

By Matthew Russell Lee, Patreon Song
BBC - Guardian UK - Honduras - ESPN

SDNY COURTHOUSE, Dec 14 – As Citibank tries to recoup the money it wired out on August 11, 2020, the virtual / Zoom trial began on December 9 before U.S. District Court for the Southern District of New York. Inner City Press is covering it.

 Here for now some of the Day 1 blow by blow.

And Day 2 documents / Defendants exhibits zipped on Patreon here, one on DocumentCloud here, saying "Please retain the funds received 8/11 into Battalion CLO VIII Ltd. on account of the Revlon Term Loan 2016 pending further instruction. Please do not book, and carry the funds as a cash break for the time being."

 Hear, for now, this song.

  And here's a document from Day 3, stating "It looks like they erroneously released paydown payment and are asking for it back. Do you agree?" Here on DocumentCloud, full Zip on Patreon here.

From Day 4: Continued cross, delayed by tech issues: Q: Did he make any comment about the Revlon payments after 9 am Aug 12?

"Objection- leading." Judge Furman: I'll allow it. But watch out, with your questions. "Let's turn to Defendants' exhibits"

Judge Furman: What is the relationship between Mr. Davis saying to book it, then telling US Bancorp to apply it? And where are the books and records on the outstanding principal on the loan? Citibank follows up: You were unaware on Aug 12 that Mr. Davis did that?

 This witness who only appeared by phone due to technology problems is excused. Defendants call Mr. Scott Crocombe. "Flip to page 6 of your declaration - is that your signature?" Yes.

Judge Furman: The objection with respect to para 12 is sustained, para 17 too.

 "May I publish this exhibit, a Bloomberg chat message?" Judge Furman: There's no jury, so you can put it on the screen. "This chat is dated Aug 12 --"

Objection. Not a business record kept in the ordinary course. Judge Furman: Sustained, for the moment.

 Q: Do you see the message, "I feel bad for the person who fat-fingered a $900 million payment... Not a good career move." Do you see, "How was work today honey? Fine, except I sent $900 million to people who weren't supposed to get it."

OK - now up for cross examination is Catherine McCoy of Allstate. She's not sure what the parent is. She has been sent the exhibits she'll be asked about in a zip file. Citibank lawyer is on mute. "You'd think by Day 4, I'd know how it works," he says. Disarming

 Michael Josephson has been testifying from an empty room. Judge Furman asks him about CLO 4.  Now Jeremy Phipps. Judge Furman: "Can you turn your camera on?" Defense counsel's name is lagging, amid transition. #TrialByZoom

Now up, Eric Warren, purple suit, purple tie, trees in side yard behind him. Topic is, once again, springing maturity of Revlon loan. 

Judge Furman: Can you give me the gave of the August re-purchases? Inner City Press @innercitypress · 1h Still on the stand: Eric Warren of Revlon, being asked about cross-defaults and bankruptcy. Q: Was Revlon prepared to defend the lawsuit on the merits if necessary? Warren: Yes.

 Now at 4:57 pm, witness John Vaughan takes the stand. Lawyer asks, How much longer will we be going? Judge Furman: 3 minutes. Vaughan signed his declaration on Nov 12 in SF.

 Judge Furman asks about exhibits.  Inner City Press is awaiting the exhibits since Friday. Judge Furman: Mr. Vaughan, I'm going to ask you to be in the Zoom room tomorrow morning. Lawyer: Is he under cross examination? Judge Furman: Any objection I tell him not to speak with you? Lawyer: no objection - as much as he might want to.

Judge Furman: Are you going to use all of your time? Citi: I think so. Defendants: Much of the time will be used. Judge Furman: Defendants have only 4 more witnesses. Maybe a rebuttal case? Now it arises: Mister Vinella must be rebutted

Judge Furman: The letters due at 7 pm, you can have until tomorrow morning if both sides want. Lawyer: At the collective groan of our associates, we'll take you up on that. So closing arguments / summations will be Wednesday.

The case is In re Citibank August 11, 2020 Wire Transfers, 20-cv-6539 (Furman)


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