Citigroup Says Brigade Won't Return 'Mistake' $175M Payment

By Craig Clough (August 17, 2020, 9:48 PM EDT) -- Citigroup Inc. filed a lawsuit Monday in New York federal court against Brigade Capital Management LP, seeking the return of the hedge fund manager's $175 million share of a nearly $900 million payment that Citigroup said it mistakenly transferred to Revlon Inc. lenders and that Brigade is refusing to return.

According to Citigroup, the payment was made as a complete accident and was a transfer intended to pass through as an interest payment from Revlon on a loan for which Citibank acts as an administrative agent. Brigade, it said, decided to seize the payment for itself despite "crystal-clear evidence" it was...

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