US Markets
C

Citigroup files third lawsuit over accidental Revlon payment

Credit: REUTERS/Bobby Yip

Citigroup Inc filed a third lawsuit on Friday in its latest attempt to recoup nearly $1 billion it mistakenly sent to lenders of Revlon Inc.

Adds Citi statement

Aug 21 (Reuters) - Citigroup Inc C.N filed a third lawsuit on Friday in its latest attempt to recoup nearly $1 billion it mistakenly sent to lenders of Revlon Inc REV.N.

The third largest U.S. bank has so far sued a dozen firms after an "operational error" that caused it to transfer $900 million of its own funds to Revlon creditors one day after the troubled cosmetics company was sued over its restructuring tactics.

Several hundred million has already been returned the bank, Citi said in an emailed statement. But it has had to take legal action to recover over $500 million from lenders who are refusing to return the payment.

"All of the funds owed to Citi have now either been returned or frozen by court order," the bank said in the statement. "We believe the law is on our side and that we will recover the outstanding funds.”

(Reporting by Imani Moise; Editing by Kirsten Donovan and Sonya Hepinstall)

((Imani.Moise@thomsonreuters.com; 646-223-6335;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

CREV

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More