Previously, it was revealed that Citibank had accidentally wired $ 900 million to Revlon’s lender when they planned to send $ 8 million in interest payments. Consequently, some lenders kept the money. Since then, a judge has ruled that Citibank will not be allowed to recover the hundreds of billions of dollars sent to Revlon.
Citibank was a lending agent for Revlon and would send $ 8 million in interest payments to Revlon’s borrowers. However, they accidentally wired $ 900 million into Revlon’s lenders, which included $ 175 million in a hedge fund.
Citibank filed a lawsuit in August 2020 demanding that their funds be returned, but still did not receive $ 500 million from ten investment advisory firms following the ‘biggest mistake in banking history’. According to Revlon, they believe that Citibank amounts to advance payments on a loan. Ben Finestone, a lawyer for two of the borrowers, said: “We are very pleased with Judge Furman’s thoughtful, thorough and detailed decision.”
source: CNN