Citi Cites Archegos In Push For $500M Revlon Transfer Freeze

Law360 (April 9, 2021, 10:30 PM EDT) -- Citibank NA on Friday raised the specter of the Archegos Capital Management collapse in urging a New York federal judge to extend a court-ordered freeze to ensure the safety of more than $500 million in mistakenly transferred funds that the bank is waging an appeal over to claw back from Revlon Inc. creditors.

At a hearing before U.S. District Judge Jesse Furman, Citi counsel Neal Katyal of Hogan Lovells argued that without an injunction keeping the funds frozen, the bank can't count on being able to get the money back from the creditors if it wins its appeal.

Lifting the freeze...

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