General
Citigroup cannot recover $644 million it paid out by mistake, US judge rules
Citigroup is on the hook for almost $US900 million ($1.1 billion) in mistaken payments it sent out, according to a US judgment on Monday (local time) that called the debacle “one of the biggest blunders in banking history”.
Key points:
- Citigroup sent out almost $1.1 billion to financial companies that were parties to a term loan to Revlon
- It intended to send out just $10 million worth of interest payments
- After realising the mistake, Citigroup was rebuffed by 10 financial companies that believed Revlon was repaying the full loan early, a judge said
The case centres on payments totalling some $US500 million ($644 million) Citigroup sent in August last year to 10 financial companies that were parties to a term loan to cosmetic company…
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