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Citigroup’s $900 Million Revlon Blunder Ends With a Dismissal After Bank’s Victory

From bnnbloomberg.ca

A hard-fought battle between Citigroup Inc. and creditors of Revlon Inc. over an epic blunder in which the bank accidentally sent the lenders almost a billion dollars was finally capped with a legal pronouncement: Case dismissed. The order of dismissal came Monday after the last holdouts among the lenders agreed to return their share of $504 million the creditors still had following Citigroup’s victory in court. That sum was part of an original errant payment of more than $900 million, some of which had already been voluntarily returned to the bank by other recipients. “Any pending motions are moot,” US District ... (full story)

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