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A 30 year-old legal precedent that essentially says “finders keepers” in certain financial transactions will make it hard for Citigroup to get half a billion dollars sent out by mistake returned.
The bank has said it will appeal a decision, issued on Tuesday by a federal judge, which rebuffed its demand that asset managers for Revlon s lenders return $504 million it accidentally sent them last summer, meaning to send only an interest payment but including the principal as well. They include Brigade Capital Management, HPS Investment Partners and Symphony Asset Management.
It won’t be easy, said Columbia Law School professor Eric Talley, an expert in corporate law and finance.
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$900m gaffe: US judge says Citigroup can t recoup Revlon payout | Banks News
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