Citi Can't Recover Funds Sent In $900M Revlon Loan 'Blunder'

Law360 (February 16, 2021, 12:24 PM EST) -- A New York federal judge ruled Tuesday that Citibank NA cannot claw back hundreds of millions of dollars it mistakenly wired to Revlon Inc. lenders last summer, rejecting the bank's legal quest to clean up what he called "one of the biggest blunders in banking history."

U.S. District Judge Jesse Furman said that New York law entitles Revlon lenders to keep $900 million that Citibank mistakenly wired to them in August. (AP Photo/Mark Lennihan) In a 101-page opinion, U.S. District Judge Jesse Furman sided with a group of 10 asset managers whose clients received more than half of a roughly $900...

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