Citigroup Cannot Recoup Revlon Payouts After Nearly $900 Million Gaffe: US Judge

Citigroup Cannot Recoup Revlon Payouts After Nearly $900 Million Gaffe: US Judge
A sign is posted in front of a Citibank office in Mill Valley, Calif., on April 13, 2018. Justin Sullivan/Getty Images
Reuters
Updated:

NEW YORK—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.”