$900 Million Payment Error Brings “Discharge For Value” Defense To The Fore

LexisNexis (April 7, 2021, 2:22 PM EDT) -- A blockbuster lawsuit out of the Southern District of New York—involving a nearly $900 million wire-transfer mistake—has raised a host of questions about fairness, equity, and the “discharge for value” affirmative defense. The case, which is already subject to an expedited appeal in the Second Circuit, is certain to be a hot topic for some time to come and promises—one way or another—to have a lasting impact upon the wire transfer industry....