Breaking-Finance.Com - Citigroup has lost a legal battle to recoup almost $0.5 billion in wire transfers that were mistakenly sent to creditors of distressed cosmetics firm Revlon. The screw-up happened after the bank mistakenly wired $893 million to Revlon’s lenders, appearing to pay off a loan not due until 2023.

. While some lenders returned the money they were sent, at least ten asset managers refused to comply, leading Citi to take court action in an ettempt to recover its losses.But in a court ruling in Manhattan, US District Judge Jesse Furman affirmed that the fat-finger transfers were “final and complete transactions, not subject to revocation”.

Source = Breaking-Finance.Com

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