September 8, 2022 - The 2nd Circuit Court of Appeals just issued its opinion in the Revlon mistaken payment case, vacating the District Court’s decision that allowed the recipients of Citibank’s mistaken payment to keep the money.  Briefly, the 2nd Circuit ruled that “Because the Defendants had notice of the mistake and because the lenders were not entitled to repayment at the time, the rule of Banque Worms does not protect the Defendants. The judgment is VACATED and the case is REMANDED to the district court.”  The LSTA submitted an amicus brief in that case supporting the position taken by the appellate court.  We will do a deep dive shortly into the court’s decision (and an accompanying concurrence).  The court’s decision is available here.

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Market Advisory on FIRPTA

The LSTA published a Market Advisory which discusses the implications of The Foreign Investment in Real Property Tax Act (“FIRPTA”).