Category: Forum

Forum

Finders Keepers, Losers Weepers? Banking Errors in Cryptocurrency

By: Raynee Cooper In February 2021, a New York federal judge rejected Citibank’s attempt to recover $504 million erroneously transferred to lenders. Citibank intended to make a loan interest payment on behalf of Revlon, Inc., but instead paid the full outstanding amount of $900 million. Some recipients returned the money, but $504 million remained unreturned and the contention of the case. The court relied on Banque Worms v. Bank America Int’l, 77 N.Y.2d 362 (N.Y. 1998) which held that a creditor can keep payment erroneously made by a third party if the creditor did not realize it was sent in error and did not make any misrepresentations. Here, the court determined that the lenders were not on constructive notice of Citibank’s error. Despite this ruling, Citibank argues that they are entitled to their funds and intends to appeal the court’s decision.
Forum

Amazon Prime Time for Collective Bargaining

By: ANNA SASAKI Vote counting is underway for the biggest push towards unionization of Amazon employees since the company’s founding in 1995. 6,000 workers in Bessemer, Alabama voted on a collective decision as to whether the warehouse employees should formally unionize and bargain for a contract with Amazon through the Retail, Wholesale, and Department Store Union. The last attempt to unionize was in 2014 at an Amazon warehouse in Delaware, where the 30 workers ultimately turned it down. While the employees in Bessemer only represent a fraction of Amazon’s more than 500,000 front line workers, the decision to unionize will likely provide momentum for other Amazon employees to begin collectively bargaining.