Citi ends litigation with Revlon lenders over $500 million accidental payment

This post was originally published on this site

“About three quarters of the mistaken payments have now been returned to Citibank,” lawyers for both Citigroup and the lenders said in a letter to a federal judge.

Citigroup, as Revlon’s loan agent, had accidentally used its own money in August 2020 to prematurely pay off a $894 million loan owed by billionaire Ronald Perelman’s now-bankrupt cosmetics company.