Who knew that New York law had a corollary to the old playground rule of “no take backs?” New York’s “discharge for value” rule means, in essence, if you are owed money and paid it in full without any notice that the payment was a mistake, you’re entitled to keep it.

Our Litigators of the Week this week, Adam Abensohn, Benjamin Finestone and Robert Loigman of Quinn Emanuel Urquhart & Sullivan leveraged the rule to fend off a bid by Citigroup Inc. to recoup more than half a billion dollars of its own funds mistakenly wired to payoff syndicated loans taken out by Revlon Inc. The bank, acting as administrative agent for the loans, had intended to wire out just $7.8 million in interest payments. (Um, oops.)

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