Business
Citigroup can’t recoup $500 million mistakenly sent to Revlon lenders – NEWS.com.au
Citigroup can’t recoup $500 million mistakenly sent to Revlon lenders
A federal judge on Tuesday refused to let Citigroup claw back the millions it says it accidentally paid lenders of cosmetic seller Revlon last August tied to a loan due in 2023.Despite calling the nearly $US1 billion gaffe “one of the biggest blunders in banking history”, Manhattan federal judge Jesse Furman ruled that money Citigroup accidentally wired Revlon’s lenders on August 11, 2020, is “not subject to revocation”.
Citigroup said it only intended to send a $US7.8 million interest payment on…
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