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Citibank presents witness list in $900M payment error lawsuit
The legal proceedings launched by Citibank as it seeks to fix a $900 million payment mistake continue at the New York Southern District Court. Let’s note that the lawsuit concerns wire transfers from August 11, 2020 regarding Revlon’s 2016 Loan. In 2016, Revlon acquired Elizabeth Arden, Inc. The deal was partially facilitated by a seven-year, $1.8-billion loan. Citibank serves as the administrative agent and collateral agent for the loan. On August 11, 2020, several months of accrued interest came due under a credit agreement. The interest payment was to be processed by Citibank in its capacity as administrative ... (full story)