Judge lets Revlon lenders keep Citi’s botched $500M payment, warns Fox Business

From Fox Business:

A federal judge denied Citigroup Inc.’s request to claw back roughly $500 million it mistakenly paid out of its own pocket to investment firms that made loans to cosmetics giant Revlon Inc.

Brigade Capital Management LP and other Revlon lenders can keep the money they collected from Citi when the bank wired them the full amount they were owed instead of the small interest payment that was due, according to a written ruling on Tuesday by Judge Jesse Furman of the U.S. District Court in New York.

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The August blunder by Citi, Revlon’s loan agent, satisfied a nearly $900 million debt that Revlon wasn’t due to pay until 2023 and delivered an unexpected windfall to lenders on what had become an increasingly risky investment.

Continue reading Judge lets Revlon lenders keep Citi’s botched $500M payment on Fox Business

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