Finance Breaking news Citi takes hedge fund to court for return of $176m in fat-fingered wire transfer last financial news
Breaking-Finance.Com - Citigroup is suing hedge fund Brigade Capital for the return of $176 million accidentally sent in a wire transfer screw up.
Breaking-Finance.Com - Citigroup is suing hedge fund Brigade Capital for the return of $176 million accidentally sent in a wire transfer screw up. The money is part of the $900m the bank accidentally transferred to creditors of the struggling cosmetics company Revlon.The bank says it meant to send Brigade just $1.5m to cover interest on a $174.
.It instead got $176.2m and has refused to repay the funds "despite crystal-clear evidence that the payments were made in error," Citigroup says in a filing to the Southern District of New York Court. The bank says it meant to make interest payments on behalf of Revlon but transferred amounts more than 100 times the size intended. The bank is now chasing Revlon's creditors for recovery of overpaid sums.
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