It was previously revealed that Citibank accidentally transferred $ 900 million to Revlon’s lender when they planned to send $ 8 million in interest payments. As a result, some lenders reportedly held the money. Since then, a judge has ruled that Citibank cannot recover the hundreds of billions of dollars falsely sent to Revlon.
Citibank served as a loan broker for Revlon and had to send $ 8 million in interest payments to Revlon’s lenders. However, they accidentally transferred $ 900 million to Revlon’s lenders, including $ 175 million to a hedge fund.
Citibank filed a lawsuit in August 2020 asking for a refund of their money but still failed to receive $ 500 million from 10 investment advisory firms after the “ biggest blunder in banking history. ” According to Revlon, they believed that Citibank was making advance payments for a loan. Ben Finestone, an attorney for two of the lenders, said, “We are extremely pleased with Judge Furman’s thoughtful, thorough and detailed decision.”
source: CNN