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No, this is just business. Brigade has a duty to its investors to fight tooth and nail to keep this money, just like a defense lawyer has a duty to use every ad

No, this is just business. Brigade has a duty to its investors to fight tooth and nail to keep this money, just like a defense lawyer has a duty to use every advantage for the client allowed under the law, acquired intentionally or otherwise.

lann 6y ago
> Brigade has a duty to its investors to fight tooth and nail to keep this money What kind of duty? Not a legal one, I think.
- dmix 6y ago
  Arguably they decided to let that be determined by the courts instead of their own good will. Sounds like something a lawyer would recommend doing... It's like a natural process to these companies. Most likely CITI is getting it back. But it's probably a worthy gamble on the lawyering fees.
salawat 6y ago
No fiduciary duty justifies profit taking off of a mistake or mis-transaction. This is like saying that a hedge fund is justified keeping the proceeds of a check written to the wrong routing/account number. Nothing, and I mean nothing, fiduciary duty be damned, justifies undermining the implicit trust that underpins the banking and financial system. It's why there is such a thing as white collar crime in the first place. Frankly, the entire chunk of money should be considered legally tainted until legal action is resolved; which means escrow it somewhere and unleash the lawyers.
- sudhirj 6y ago
  It’s already under litigation, so Brigade can’t withdraw and spend it. The case is interesting because they might have a chance at keeping the money. In other circumstances (if the money had randomly landed on their account from an unrelated party) they’d have to give it back and there wouldn’t be a story.
  - A4ET8a8uTh0 6y ago
    The interesting side effect if they actually prevailed over Citi would be general improvement in wire transfer rooms across US. Right now they are mostly sweat shops with focus on speed ( and pleasing big customers ). All of a sudden, we may see some consideration given to proper verification ( not just quick rubber stamp ).
    - salawat 6y ago
      I think that may happen either way; Even if Revlon goes under because the courts pull what I'd call a derp, it should create the illustrative case that creates a business niche for higher reliability/risk financial transactions.

lann 6y ago

> Brigade has a duty to its investors to fight tooth and nail to keep this money What kind of duty? Not a legal one, I think.

dmix 6y ago
Arguably they decided to let that be determined by the courts instead of their own good will. Sounds like something a lawyer would recommend doing... It's like a natural process to these companies. Most likely CITI is getting it back. But it's probably a worthy gamble on the lawyering fees.

salawat 6y ago

No fiduciary duty justifies profit taking off of a mistake or mis-transaction. This is like saying that a hedge fund is justified keeping the proceeds of a check written to the wrong routing/account number. Nothing, and I mean nothing, fiduciary duty be damned, justifies undermining the implicit trust that underpins the banking and financial system. It's why there is such a thing as white collar crime in the first place. Frankly, the entire chunk of money should be considered legally tainted until legal action is resolved; which means escrow it somewhere and unleash the lawyers.

sudhirj 6y ago
It’s already under litigation, so Brigade can’t withdraw and spend it. The case is interesting because they might have a chance at keeping the money. In other circumstances (if the money had randomly landed on their account from an unrelated party) they’d have to give it back and there wouldn’t be a story.
- A4ET8a8uTh0 6y ago
  The interesting side effect if they actually prevailed over Citi would be general improvement in wire transfer rooms across US. Right now they are mostly sweat shops with focus on speed ( and pleasing big customers ). All of a sudden, we may see some consideration given to proper verification ( not just quick rubber stamp ).
  - salawat 6y ago
    I think that may happen either way; Even if Revlon goes under because the courts pull what I'd call a derp, it should create the illustrative case that creates a business niche for higher reliability/risk financial transactions.