Previously, it was revealed that Citibank accidentally transferred $ 900 million to Revlon’s creditor when it intended to send $ 8 million in interest payments. As a result, some creditors kept the money. Since then, a judge has ruled that Citibank will not be allowed to recover the hundreds of billions of dollars sent by mistake to Revlon.
Citibank was serving as a loan agent for Revlon and was expected to send $ 8 million in interest payments to Revlon’s creditors. However, they accidentally transferred $ 900 million to Revlon’s creditors, who included $ 175 million to a hedge fund.
Citibank filed a lawsuit in August 2020, where it asked for its funds to be returned, but has not yet received $ 500 million from 10 investment advisory companies after the “biggest mistake in the bank’s history”. According to Revlon, they believed that Citibank was making prepayments for a loan. Ben Finestone, an attorney for two of the creditors, said: “We are extremely pleased with Judge Furman’s careful, thorough and detailed decision.”
source: CNN