A leading national bank (the “Bank”) was sued by a large corporate client (the “Borrower”) that had taken out several loan agreements and an interest rate swap (“IR Swap”) to hedge the floating rate payment risk. A team of experts from FTI Consulting was engaged by the Bank to review the IR Swap and act as an expert witness.
Situation
The Borrower entered a loan with the Bank, which grew significantly through multiple loan agreements and […]
We continue to see significant interest in NAV financing products in both the U.S. and European markets, which is reflected in double digit year-over-year growth in our deal activity for these facilities to date. As compared to years past, there has been a noticeable uptick in new lenders willing to provide NAV financing (including both banks and private lenders). In mid-2020, at the outset of the pandemic, the spike in interest in NAV lending […]
A February 16, 2021 decision of the United States District Court for the Southern District of New York held, in In re Citibank August 11, 2020 Wire Transfers, 520 F. Supp. 3d 390, that lenders who received almost $900 million mistakenly wired to them by Citibank (the administrative agent for a $1.8-billion syndicated seven-year term loan to Revlon [2016 Loan]) were entitled to keep the money. See our bulletin A One-in-a-Billion (-Dollar) Mistake, in which we […]