Bloomberg Features Braden Perry in Citi Trial Puts Banks on Notice Article
Last week, Citibank wrapped up its six-day trial after one of the biggest banking errors in recent memory. The error occurred when Citibank accidentally wired a payment of $900 million from its own pocket. Some recipients returned the funds, but Citibank had to sue for the remaining 500 million or so. The judge in the case states he will be issuing a decision soon.
“It could be a leading and transformational case on the responsibilities of agents and the potential liability of those agents for errors in the loan process,” said Braden Perry, a partner at Kennyhertz Perry and an expert on legal and regulatory matters. He said the case “will also test whether poor internal controls and these types of egregious errors will be rectified by a court of law.”
To read this article in full: https://finance.yahoo.com/news/citi-trial-puts-banks-notice-123000402.html?guccounter=1
About Kennyhertz Perry’s Financial Services practice group:
Kennyhertz Perry integrates broad regulatory expertise, including compliance and enforcement, with the transactional practices to which that expertise is critical. We are called upon by businesses who need help navigating current and future regulatory challenges stemming from the global financial crisis. To assist our clients in understanding the issues that will affect their industries, entities and transactions, we understand the impact of regulations and requirements of both The Dodd-Frank Wall Street Reform and Consumer Protection Act and a wide variety of U.S. and foreign regulatory reforms targeting investment business and market structures, alternative investment fund managers, private equity and others, central clearing and exchange-trading of derivatives, market abuse and insider dealing, capital regimes, and commodity derivatives.
Kennyhertz Perry attorneys also have broad BSA/AML experience across the spectrum of bank and non-bank financial institutions. These include traditional chartered banks, broker-dealers, commodity trading advisors, money transmitters, non-bank lenders, and virtual currency businesses. We are experienced in counseling and drafting BSA/AML practices, policies, and procedures. Our combined knowledge and skill permit us to anticipate potential problems before they become serious issues and assist clients in responding effectively to regulatory and law enforcement criticisms or inquiries.
Kennyhertz Perry regularly counsels lenders, investment advisers, broker-dealers, and fund managers on the laws, rules, and regulatory developments affecting their business, including regulatory requirements, risk management, licensing and registration, sales and marketing practices and materials, manuals and training, day-to-day compliance.
Kennyhertz Perry, LLC is a business and litigation law firm representing clients in highly regulated industries. The firm was founded by two veteran Kansas City attorneys, John Kennyhertz and Braden Perry. To learn more about the firm, visit kennyhertzperry.com.
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