Citigroup Fights for Freeze on $500 Million It Sent in Blunder

April 9, 2021, 10:00 AM

Revlon Inc. lenders that received more than half a billion dollars in accidental payments from Citigroup Inc. are asking a judge to free up the money he’s already ruled is theirs to keep.

The bank sued 10 asset managers for the Revlon lenders last summer to force them to return $504 million it had mistakenly wired them, an epic back office blunder that led to a closely watched trial. U.S. District Judge Jesse Furman froze the funds while the dispute played out. Then, in a surprise decision in February, Furman ruled for the money managers, finding they shouldn’t have been...

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