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Previously, it had been revealed that Citibank accidentally wired $ 900 million to Revlon’s lender when they wanted to send $ 8 million in interest payments. As a result, some lenders would have kept the money. A judge has since ruled that Citibank would not be allowed to recover the hundreds of billions of dollars mistakenly sent to Revlon.
Citibank served as the loan officer for Revlon and was supposed to send $ 8 million in interest payments to Revlon’s lenders. However, they accidentally transferred $ 900 million to Revlon’s lenders, including $ 175 million to a hedge fund.
Citibank filed a complaint in August 2020 in which they demanded repayment of their funds but still have not received $ 500 million from 10 investment advisory firms after the “biggest blunder in the history of the bank”. According to Revlon, they believed Citibank was making pre-payments for a loan. Ben Finestone, counsel for two of the lenders, said: “We are extremely pleased with Judge Furman’s thoughtful, thorough and detailed decision.”
source: CNN
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