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Citi Asks Appeals Court to Fix Its $500 Million Revlon Error

Sept. 29, 2021, 7:06 PM

Citigroup Inc. tried to persuade an appeals court that disgruntled Revlon Inc. creditors should give back more than half a billion dollars the bank accidentally sent them last year.

A trio of federal judges in Manhattan heard arguments from both sides Wednesday on whether it should reverse a lower court’s surprise decision that the lenders can keep the money -- a decision Citigroup’s main banking unit calls a misapplication of the law that sent “shockwaves through the markets.”

Neal Katyal, a lawyer for Citibank, told the panel that the lenders should have been skeptical of the payments because they ...