Analysis

Citi's Loss Over $500M 'Blunder' Won't Be Easy To Shake

Law360 (February 19, 2021, 6:28 PM EST) -- Citibank's stunning loss this past week in its effort to claw back more than $500 million mistakenly sent to creditors of Revlon Inc. may prove difficult to shake and could bring about greater focus on banks' back-office operations.

Manhattan U.S. District Judge Jesse Furman rocked the banking world Tuesday by ruling that a group of Revlon's syndicated lenders could keep the hundreds of millions that Citi wired to them by accident last summer in what he dubbed "one of the biggest blunders in banking history."

Citi, serving as Revlon's loan agent, had meant to send out a much smaller interest payment...

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