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After a Judge Ruled in Lenders' Favor, Citi is Trying to Stop Them From Spending the Mistaken Loan Repayment


Less than a month after a New York judge ruled that lenders accidentally repaid by Citigroup could keep their money, Citi is trying to stop the firms from using it.  
On Tuesday, the investment firm filed a request asking the judge to require the lenders to freeze the transferred funds until Citi files an appeal to a higher court.  
According to Citi’s filing, “the money represents a lottery-like windfall of hundreds of millions of dollars [for the lenders]. They were not expecting to receive this money for several years, if at all.” 
The filing refers Citi’s “mistaken” repayment of a $900 million loan for cosmetics maker Revlon. The bank had acted as an intermediary between Revlon and the lenders. Although Revlon hadn’t transferred the $900 million to Citi, the bank which said it was intending only to pay the interest due to the lenders repaid the loan in full, court records show.   ....

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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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Judge Rules That Revlon Lenders Can Keep Citi's Mistaken Repayment


A New York judge has ruled that the Revlon lenders Citigroup mistakenly repaid can keep the money.  
The court decision, written by New York Southern District Court Judge Jesse Furman, shows that he ruled in favor of the 10 investment advisory firms Citi sued in August. The 10 defendants collectively received more than $500 million of the mistaken wire transfers in August, according to the judge, while other lenders returned the money and avoided the lawsuit. 
“We strongly disagree with this decision and intend to appeal,” a Citi spokesperson said via email Tuesday. “We believe we are entitled to the funds and will continue to pursue a complete recovery of them.”  ....

Jesse Furman , Highland Capital Management Fund Advisors , Zais Group , York Southern District Court , New York , Brigade Capital Management , Bardin Hill Loan Management , Investcorp Credit Management , Greywolf Loan Management , Allstate Investment Management , Medalist Partners Corporate Finance , Tall Tree Investment Management , New Generation Advisors , Highland Capital Management Fund , Institutional Investor , ஜெஸ்ஸி ஃபர்மேன் , சிட்டி வங்கி , ஜாய்ஸ் குழு , யார்க் தெற்கு மாவட்டம் நீதிமன்றம் , சிட்டி குழுமம் , புதியது யார்க் , படைப்பிரிவு மூலதனம் மேலாண்மை , பார்டின் மலை கடன் மேலாண்மை , ஆல்ஸ்டேட் முதலீடு மேலாண்மை , பதக்கம் வென்றவர் கூட்டாளர்கள் பெருநிறுவன நிதி , உயரமான மரம் முதலீடு மேலாண்மை ,