Citi Set to Drop Suit Over Mistaken Payment as Creditors Pay Up

Creditors of Revlon Inc. have agreed to return the half billion dollars they tried to keep after Citigroup Inc. mistakenly sent it to them two years go.

All 10 of the creditors have signed agreement to send back the money, three-quarters of which has already been returned, according to a letter filed Friday in U.S. District Court in Manhattan. Citigroup said that’ll end litigation over the payment.

For its part, the bank will return coupon interest and principal amortization to the creditors, according to the letter signed by lawyers for the bank and creditors.

Citigroup was trying to send an ...