2nd Circ. Told Revlon Lenders' Citi Win 'Wrong As It Sounds'

By Jon Hill (April 30, 2021, 8:53 PM EDT) -- Citibank NA has urged the Second Circuit to overturn a New York federal judge's decision allowing a group of Revlon lenders to keep more than $500 million that the bank sent to them by accident last summer, calling their upset win "as wrong as it sounds."

In a brief filed Thursday, Citi argued that U.S. District Judge Jesse Furman subverted industry norms and misapplied doctrine with his Feb. 16 ruling that concluded the lenders didn't have to return the bank's mistakenly transferred $504 million because they were owed that money anyway from Revlon, for which the bank is a loan agent....

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