Comment More details on the $900M error (Score 3, Interesting) 12
The background on the $900M error. Citibank was supposed to make a payment on a loan on behalf of their customer. They accidentally paid off the loan. The problem for Citibank (and their client) was the client did not have $900M in the account to pay off the loan.
They sued to get the money back; however, a judge ruled against them. Part of the judge's reasoning was the $900M was supposed to paid off eventually so the recipients were not gifted money they were not entitled to get. If they accidentally deposited $900M in my bank account, they probably could get it back. I do not know internally what Citibank had to do to make up the shortfall themselves but it was clear it was all on Citibank to fix.