Neal Katyal, Sean Marotta named AmLaw 'Litigators of the Week' in key appellate victory for Citibank

On 8 September, the U.S. Court of Appeals for the Second Circuit unanimously held that the recipients of $500 million mistakenly wired by Citibank could not assert New York’s “discharge for value” defense to keep the money. The decision restores order to the commercial debt markets following an earlier district court opinion allowing the recipients to keep the miswired money, which upset longstanding norms and wreaked havoc in the debt markets.

Katyal argued the case on appeal on behalf of Citigroup. Marotta helped lead the appellate team, which included associate Nathan Zelinsky, former associates Erin Chapman and Reedy Swanson, and appellate specialist Heather Briggs.

Read more in The AmLaw Litigation Daily.

The Second Circuit ruling can be found here.