Citigroup says an employee error caused it to send more than $900m of its own money to a group of lenders expecting an interest payment on behalf of Revlon. The bank last month sued 11 investment managers for the Revlon creditors — including Brigade Capital Management LP, HPS Investment Partners and Symphony Asset Management — that are trying to hold on to the money as payment of Revlon’s debt to them.
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Citi cleared to seek information in $900m-error suit
“They’re going to defend the case on the grounds that they supposedly don’t control the money,” John Baughman, a lawyer for Citigroup, said during a conference. “We say there was a mistake. We say it’s a fact. We have to provide discovery as to whether it’s a mistake.”
