$900 million clerical error by Citibank officials the worst on Wall Street in decades

Citibank transferred $900 million into the lenders’ accounts – a colossal mistake!

By Aditi Swarup Published on August 17, 2020, 15:05 IST

At the epicentre of this earthquake on Wall Street is the ugly battle between Revlon and a group of lenders. The lenders claim that their loans to Revlon was based on some intellectual property that Revlon shifted and they demanded that Revlon pay them back immediately. the loans were actually due in 2023.

The lenders, which included Brigade Capital Management, HPS Investment Partners and Symphony Asset Management, filed a lawsuit against Revlon and Citi (which was the loan administrative agent).
Around the same time, in a colossal mistake, Citibank transferred $900 million into the lenders’ accounts. Now the lenders refuse to transfer the money bank to Citi and the court hearings are still left.

THIS IS BINOD@Citibank wired @revlon US$900 million by mistake! Now Revlon won’t give it back https://t.co/FE0KTMgaPl

— TheHardCopy (@TheHardCopyCo) August 17, 2020

Aditi Swarup

Aditi Swarup has done her graduation in Mass Media from Mumbai University as a top performing student of her class. She is a Marketing, Research and Business enthusiast who has been published by reputed journals.
She is currently working as a journalist at Business Upturn, her focus is on covering stories on Indian Politics and Business.
You can reach her at aditiswarup9@gmail.com