Citigroup Gets Freeze On $175M 'Mistake' Payment To Brigade

By Mike LaSusa (August 18, 2020, 10:01 PM EDT) -- Citigroup Inc. won a bid Tuesday in New York federal court to temporarily freeze $175 million the financial giant says Brigade Capital Management LP refused to return after Citigroup mistakenly transferred the amount as part of a $900 million payment to Revlon Inc. lenders.

U.S. District Judge Jesse M. Furman said Brigade is temporarily barred from "removing, withdrawing, transferring, assigning, or otherwise disposing" of the $174,651,497.63 that Citibank apparently sent by mistake to Brigade on Aug. 11.

Judge Furman set a hearing for the morning of Aug. 31 at which Brigade will seek to convince him not to issue an order...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!