Citigroup cannot recoup $500m sent in error to Revlon lenders
Ruling could destabilise the $1.2-trillion US syndicated loan market, warns association
16 February 2021 - 22:22
New York — A federal judge on Tuesday said Citigroup is not entitled to recoup $500m of its own money that it mistakenly sent to Revlon lenders, in what he called “a banking error of perhaps unprecedented nature and magnitude”.
US district judge Jesse Furman said the August 11 2020, transfers were “final and complete transactions, not subject to revocation”...
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