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Citi loses suit to recoup US$500m it wrongly paid


Citi loses suit to recoup US$500m it wrongly paid
‘IN GOOD FAITH’:
The lenders that received the money were justified to think that Revlon was repaying its loan early,
a US district judge said
AFP, NEW YORK
Citigroup Inc is on the hook for almost US$900 million in mistaken payments it sent out, according to a US ruling on Monday that called the debacle “one of the biggest blunders in banking history.”
The case centers on payments totaling about US$500 million Citigroup in August last year sent to 10 financial companies that were parties to a term loan to cosmetic company Revlon Inc. ....

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