$900m gaffe: US judge says Citigroup can’t recoup Revlon payout

A United States federal judge ruled that the bank is not entitled to the $893m it wired to Revlon’s lenders by mistake.

A United States federal judge on Tuesday said banking giant Citigroup Inc is not entitled to recoup hundreds of millions of dollars of its own money that it mistakenly wired to the lenders of a cosmetics company. US District Judge Jesse Furman in Manhattan said the August 11, 2020 wire transfers to lenders of Revlon Inc at issue were “final and complete transactions, not subject to revocation”, calling the mistake “a banking error of perhaps unprecedented nature and magnitude”. A spokeswoman for Citigroup said the bank strongly disagrees with this decision and intends to appeal.