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.


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

Or take your claim to FairShake, the consumer advocacy service.

Read More:

FairShake is aggregating links to consumer news stories across the web. We claim no rights to the snippets featured.

Latest news

The Amex Platinum Card has a $550 annual fee—but is it worth it?, according to CNBC

From CNBC: The Platinum Card® from American Express can help you travel in style with luxury benefits ranging from airport...

Top Verizon story from Total Telecom: Verizon almost doubles AT&T’s total spend in $80bn spectrum auction

From Total Telecom: Last month, the US completed the first stage of its C-band (3.7–4.2GHz) spectrum auction, raising an enormous...

Latest AT&T customer news: AT&T spending $23 billion on wireless spectrum in auction, though not near as much as Verizon

From Dallas Business Journal: AT&T is spending more than at least some expected on wireless network spectrum, yet a key...

Latest Chase Bank customer news: Doesn’t everyone chase boiled eggs down a hill to pay tribute to the resurrection?

From The Guardian: The wheels fell off my plans for this year’s Lent abstinence within three days. Or, more accurately,...

Top AT&T story from FierceWireless: AT&T’s debt hampers its C-band aspirations

From FierceWireless: AT&T spent years cobbling together a widely diverse business, but lately it’s been in the news for its...

Calif. Voters ‘Clearly’ Against Uber Drivers’ Suit, Judge Says, according to Law360

From Law360: Law360 (February 25, 2021, 9:49 PM EST) -- A California federal judge pushed Uber drivers Thursday to explain...

You might also likeRELATED
Recommended to you