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Judge Denies Citibank Bid to Recoup Some of Mistaken $893M Payments to Revlon Lenders

Judge Denies Citibank Bid to Recoup Some of Mistaken $893M Payments to Revlon Lenders
A federal judge on Tuesday said Citigroup Inc. is not entitled to recoup half a billion dollars of its own money that it mistakenly wired lenders of Revlon Inc., in what he called “a banking error of perhaps unprecedented nature and magnitude.”
U.S. District Judge Jesse Furman in Manhattan said the Aug. 11, 2020, transfers were “final and complete transactions, not subject to revocation.”
Citigroup plans to appeal. “We believe we are entitled to the funds and will continue to pursue a complete recovery of them,” a spokeswoman said. ....

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Citigroup cannot recoup payouts after nearly $900m gaffe: Judge

NEW YORK - A federal judge on Tuesday said Citigroup Inc is not entitled to recoup half a billion dollars of its own money that it mistakenly wired lenders of Revlon Inc, in what he called "a banking error of perhaps unprecedented nature and magnitude." US District Judge Jesse Furman in Manhattan said the Aug 11, 2020, transfers were “final. ....

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NY judge says Citibank can't get back $500 MILLION it accidentally sent out to 10 companies

Citigroup had wired $893million to Revlon s lenders, appearing to pay off a loan not due until 2023, when it intended to send only a $7.8 million interest payment. ....

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Citigroup's $893 million Revlon blunder: 4 key takeaways from ruling

The Wall Street bank only meant to send a much smaller interest payment. Now it's struggling to recoup more than $500 million it accidentally sent. ....

New York , United States , Adam Abensohn , Quinn Emanuel , Jesse Furman , Bank America Intl , Tuesday Citigroup , Banque Worms , America Int L , Wall Street , Bi Prime , Grace Kay , புதியது யார்க் , ஒன்றுபட்டது மாநிலங்களில் , க்வின் இமானுவேல் , ஜெஸ்ஸி ஃபர்மேன் , சிட்டி வங்கி , வங்கி அமெரிக்கா இந்தில் , சிட்டி குழுமம் , செவ்வாய் சிட்டி குழுமம் , பாங்க் புழுக்கள் , அமெரிக்கா எண்ணாக ல் , கடன் வழங்குநர்கள் , சுவர் தெரு , இரு ப்ரைம் , கருணை காய் ,

Citigroup cannot recoup Revlon payouts after nearly $900-million gaffe: U.S. judge

Citigroup cannot recoup Revlon payouts after nearly $900-million gaffe: U.S. judge
Jonathan Stempel
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Mike Segar/Reuters
A federal judge on Tuesday said Citigroup Inc. is not entitled to recoup half a billion dollars of its own money that it mistakenly wired lenders of Revlon Inc. , in what he called “a banking error of perhaps unprecedented nature and magnitude.”
U.S. District Judge Jesse Furman in Manhattan said the Aug. 11, 2020, transfers were “final and complete transactions, not subject to revocation.” ....

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