A federal judge on Tuesday said Citigroup is not entitled to recoup half a billion dollars of its own money that it mistakenly wired lenders of Revlon, in what he called "a banking error of perhaps unprecedented nature and magnitude." U.S. District Judge Jesse Furman in Manhattan said the Aug. 11, 2020, transfers were “final and complete transactions, not subject to revocation.”
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Citigroup cannot recoup Revlon payouts after nearly $900m gaffe
“The non-returning lenders believed, and were justified in believing, that the payments were intentional,” Furman wrote. “To believe otherwise - to believe that Citibank, one of the most sophisticated financial institutions in the world, had made a mistake that had never happened before, to the tune of nearly $1 billion - would have been borderline irrational.”
