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

Law360 (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...

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