WHAT WE KNOW:
(Reuters) – A federal judge on Tuesday said Citigroup Inc cannot recoup half a billion dollars of its own money that it mistakenly wired lenders of cosmetics maker Revlon Inc.
• The case stemmed from an incident where Citigroup, acting as Revlon’s loan agent, wired $893 million to Revlon’s lenders, appearing to pay off a loan not due until 2023.
• Citigroup had intended to send a $7.8 million interest payment, and blamed human error for the gaffe.
HEADLINES:
• Citigroup loses its bid to recoup the $500 million it accidentally paid Revlon
• Citi Loses Bid to Recoup Massive Mistake in Surprise Ruling
GO DEEPER:
Citigroup had no immediate comment. Lawyers for the bank and for the asset managers did not immediately respond to requests for comment if anything changes we will update it here.
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