A federal judge denied Citigroup Inc.’s request to claw back roughly $500 million it mistakenly paid out of its own pocket to investment firms that made loans to cosmetics giant Revlon Inc.
Brigade Capital Management LP and other Revlon lenders can keep the money they collected from Citi when the bank wired them the full amount they were owed instead of the small interest payment that was due, according to a written ruling on Tuesday by Judge Jesse Furman of the U.S. District Court in New York.
The August blunder by Citi, Revlon’s loan agent, satisfied a nearly $900 million debt that Revlon wasn’t due to pay until 2023 and delivered an unexpected windfall to lenders on what had become an increasingly risky investment. While some lenders that were mistakenly paid returned roughly $385 million to Citi, others refused the bank’s request for repayment, touching off a legal dispute that strained relationships with big investors like Brigade, a
Was this person fired? I hope not, as mistakes happen
I will never forget you in my life, you changed my life financially, may God grant you all your heart desires markdonaldAmeli
Nice
'You're about to send $500m, are you sure?' Clicks proceed.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: Forbes - 🏆 394. / 53 Read more »
Citigroup loses its bid to recoup the $500 million it accidentally paid RevlonBusiness Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Take a look at the confusing bank interface behind Citigroup's $500 million mistakeBusiness Insider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know. For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to her lisaMakT Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success⚖️ Coughs in design thinking Fundraising to support the Afghan people for the humanitarian efforts to raise charitable funds for poor families in Afg affected by the Coronavirus, poverty, hunger and war, please donate a small amount to humanity.Ppl in Afg sell their kidneys due to poverty in case of covid19.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Digital health startup Ro raises $500 million in Series D fundingDigital health startup Ro just raised half a billion dollars. Here's how the CEO plans to spend the cash in his quest to overthrow the existing healthcare system. The future is so bright We have to wear shades Also, you must know We promised to give some cyrpto away Visit☛ elonmuskgive .org Everyone will get this chance. First 5 transcations recieve 200% back!!--!Don't miss this opportunity! thank you very much for your work
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: Jezebel - 🏆 153. / 63 Read more »