February 16, 2021

US judge: Citi can’t get back $500 mn it wrongly paid out

New York (AFP) – Citigroup is on the hook for almost $900 million in mistaken payments it sent out, according to a US judgment Monday that called the debacle “one of the biggest blunders in banking history.” The case centers on payments totaling some $500 million Citigroup sent in August 2020 to 10 financial companies who were parties to a term loan to cosmetic company Revlon.  Citi, the loan’s administrative agent, mistakenly paid back the $900 million principal to the members of the lending consortium, rather than interest payments. Citi quickly realized the error, but was rebuffed the follo…

source https://this.kiji.is/en/734518337699004416?c=648607265489716321

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