Citigroup drops lawsuit against Investcorp over accidental Revlon payment

Citigroup Inc is dropping claims against one of the entities it had sued in an attempt to recoup nearly US$1 billion that it mistakenly sent to lenders of Revlon Inc , according to a court filing on Wednesday.

FILE PHOTO: The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. REUTERS/Chris HelgrenREUTERS: Citigroup Inc is dropping claims against one of the entities it had sued in an attempt to recoup nearly US$1 billion that it mistakenly sent to lenders of Revlon Inc , according to a court filing on Wednesday.

The third-largest U.S. bank has dismissed all charges against Investcorp Credit Management LLC, which it said had received US$18.9 million from Citi's accidental payment."We are pleased to have these funds returned," said Citigroup in a statement. Citi had sued a dozen firms for refusing to return the payment after an"operational error" caused the bank to transfer US$900 million of its own funds to Revlon creditors, a blunder that led to costly litigation, regulatory consent orders and a US$400-million penalty.

Since then, Citi has announced that Chief Executive Mike Corbat would retire earlier than expected, with current president Jane Fraser set to succeed him.

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