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”.

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…