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Background of the dispute
Arthur Rabin, a former co-owner of the Brooklyn Nets, has recently made headlines by filing a lawsuit against Citibank. The lawsuit stems from a series of issues related to his Citi Prestige credit card, which he claims was mishandled by the bank.
Rabin, who has a history of significant financial transactions, alleges that Citibank ‘unceremoniously dumped’ him and his accumulated rewards points, valued at approximately $300,000. This situation raises questions about customer service and the handling of high-value accounts by major financial institutions.
Rabin’s spending habits and rewards program
Since opening his Citi Prestige account in 2015, Rabin has reportedly spent between $200,000 to $300,000 monthly, accumulating millions in charges. His spending habits allowed him to earn a substantial number of Thank You Points, which can be redeemed for various benefits, including travel and cash back.
Rabin emphasized the value of these points, noting Citibank’s partnerships with numerous airlines and hotels, making their rewards program one of the most competitive in the market. However, his experience with the bank took a turn for the worse when he began to notice unauthorized charges on his account.
The fallout from unauthorized charges
Rabin’s troubles began approximately a year ago when he flagged several unauthorized transactions on his credit card, which had a limit of $2 million. By August, Citibank decided to shut down his account, citing a pattern of unusual activity.
In a letter to Rabin, the bank stated, ‘We’re unable to reinstate your account due to the number of times it was closed within the last several months due to a lost/stolen card or unusual activity.’ This decision not only affected Rabin’s ability to use his credit card but also left him with unresolved charges totaling around $151,000.
Despite his attempts to dispute these charges, Rabin claims Citibank has rejected his claims, leaving him feeling victimized in a situation that he believes could have been handled differently.
