Citigroup asks judge to freeze funds it mistakenly sent to Revlon creditors

United States News News

Citigroup asks judge to freeze funds it mistakenly sent to Revlon creditors
United States Latest News,United States Headlines
  • 📰 Reuters
  • ⏱ Reading Time:
  • 37 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 18%
  • Publisher: 97%

Citigroup asked a U.S. judge on Tuesday to freeze funds it mistakenly sent Revlon Inc creditors amid a lawsuit over one of the largest clerical errors by a bank in years.

FILE PHOTO: The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017. REUTERS/Chris Helgren

Last week, Citi repaid a nearly $900 million loan made to Revlon, a day after lenders sued the cosmetic company over its restructuring tactics, but the repayment was made in error. Citi quickly caught the payment error and was taking steps to recover the funds, the bank has said. Brigade Capital Management LP, which got $175 million from the payment, has so far refused to give the money back. Citigroup wired the money to 43 Brigade funds because they were Revlon’s lenders, rather than Brigade itself.

An attorney for Citigroup asserted that as manager of the funds, Brigade has the power to return the money to the bank, and that if a judge rules the hedge fund can keep the funds it would create dangerous precedent.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Reuters /  🏆 2. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Citi sues Revlon lender Brigade for not returning part of $900 million transferred mistakenlyCiti sues Revlon lender Brigade for not returning part of $900 million transferred mistakenlyCitigroup Inc filed a lawsuit on Monday against Revlon Inc lender Brigade Capital Management LP, asking the hedge fund to return its portion of the $900 million that was mistakenly sent out by the bank to the cosmetic company's lenders.
Read more »

Citi sues Revlon lender Brigade for not returning part of $900 million transferred mistakenlyCiti sues Revlon lender Brigade for not returning part of $900 million transferred mistakenlyCitigroup Inc filed a lawsuit on Monday against Revlon Inc lender Brigade Capital Management LP, asking the hedge fund to return its portion of the $900 million that was mistakenly sent out by the bank to the cosmetic company's lenders.
Read more »

Epic Games asks judge to block Apple's removal of Fortnite from app storeEpic Games asks judge to block Apple's removal of Fortnite from app storeEpic Games said on Monday it was seeking to block Apple Inc's removal of 'Fortnite' from its app store and has asked a judge to prevent any retaliatory action against its other games in the store.
Read more »

Jared Kushner says he and Ivanka Trump 'absolutely' sending their kids back to school and have 'no fear in doing so'Jared Kushner says he and Ivanka Trump 'absolutely' sending their kids back to school and have 'no fear in doing so''Absolutely,' Kushner said when asked if was sending his children back to school for 'in-person education' on CBS News' 'Face the Nation.'
Read more »

Texas Gov. Threatens To Freeze Austin's Taxes Over Police Funding CutsTexas Gov. Threatens To Freeze Austin's Taxes Over Police Funding CutsAustin will cut a third of the police budget—$150 million.
Read more »

California blackouts are Public Utilities Commission's fault, grid operator saysCalifornia blackouts are Public Utilities Commission's fault, grid operator saysCalifornia’s power grid operator delivered a blistering rebuke to the state’s Public Utilities Commission, blaming the agency for rotating power outages. Sammy_Roth reports:
Read more »



Render Time: 2025-02-15 10:26:45