WebAug 27, 2024 · An open question is whether Citi’s $900m blunder changes the dynamics of the wider legal battle between the hedge funds and Revlon and the bank over the cosmetics group’s refinancing deal. WebAug 21, 2024 · REUTERS/Chris Helgren. (Reuters) - Citigroup Inc filed a third lawsuit on Friday in its latest attempt to recoup nearly $1 billion it mistakenly sent to lenders of …
The billion dollar bewail: Citibank cannot recover $900 million ...
WebJun 20, 2024 · In August 2024, Citigroup mistakenly used its own money to repay a $900mn term loan it administered on behalf of Revlon that was held by multiple asset management groups. Holders of $400mn of the ... WebOct 7, 2024 · The regulators’ actions come amid an embarrassing scandal in which a Citi banker accidentally wired $900 million to a group of lenders to the beauty products maker Revlon. burnaby hyundai dealership
How Citi gave away $900 mn by mistake Mint
WebAug 11, 2024 · Citibank, which was acting as the cosmetic company Revlon’s loan agent, intended to send $8 million in interest payments to Revlon’s lenders. Instead, Citibank accidentally wired a total of ... WebFeb 18, 2024 · A man checks his phone near a Citibank branch in Washington, DC. AFP. In what is being termed as “one of the biggest blunders in banking history”, the Banking giant Citibank accidentally transferred USD 900 million (about Rs 6,554 crore) to cosmetic company Revlon's lenders instead of creditors. Citibank committed the mistake while ... WebDec 10, 2024 · Three employees working for Citigroup Inc. told a federal judge they made errors in processing an interest payment that resulted in the mistaken transfer of $900 million to Revlon Inc. lenders. Details of the blunder were revealed as the workers took the stand on the first day of a trial in which the bank is seeking to recover more than $500 … halton day care services