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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. ....
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. ....
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. ....
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. ....
Citigroup cannot recoup Revlon payouts after nearly $900-million gaffe: U.S. judge Jonathan Stempel Bookmark Please log in to listen to this story. Also available in French and Mandarin. Log In Create Free Account Getting audio file . This translation has been automatically generated and has not been verified for accuracy. Full Disclaimer 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.” ....