New York (CNN Business) Citigroup lost a court battle Tuesday to claw back $504 million it mistakenly wired to Revlon's lenders in August. But don't get your hopes up that you could keep a chunk of change accidentally placed in your bank account. However, in most instances of mistakenly receiving wired transfers, that's not the case. That's because of a common law doctrine known as "unjust enrichment", which generally obligates that a recipient of money wired by mistake is required to return the money to the sender. But there is an exception that applied in Citigroup's case under a New York law.

Source: CNN February 18, 2021 14:15 UTC