Citibank will not be able to recover half a billion dollars it accidentally wired to Revlon’s lenders, a U.S. District Court judge ruled on Tuesday.
The New York City-based bank meant to send $7.8 million in interest payments to the cosmetic company’s lenders but gave out $900 million by mistake, according to court documents. Some of these lenders returned the money, but others did not, and Citibank filed a lawsuit in August seeking $500 million back from 10 investment advisory firms.
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