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Home > Acquisitions > Citi Cites Human Error in Accidental $900M Transfer
Aug28 - 20

Citi Cites Human Error in Accidental $900M Transfer

Citi sued about a dozen companies last week in an attempt to recover the errant $900 million transfer, and secured court orders freezing more than half of that amount.

A group of Revlon’s lenders also filed a letter in court Monday, saying they’ve offered to return the money to Citi “in exchange for a standard indemnity Citibank would pay back the funds were it later determined that Citibank was not entitled” to them.

Citi has refused that condition, the lenders said, adding the bank still has not explained to them what happened. Read the complete article HERE.

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