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Citi Asks Revlon Lenders to Return Mistaken $900 Million

  • Bank has recovered less than half of the accidental payment
  • Lenders received full principal payment and accrued interest
Revlon Inc. Products Ahead Of Earnings Figures
Photographer: Daniel Acker/Bloomberg
Updated on

Citigroup Inc. has recovered less than half of a $900 million payment it mistakenly wired to Revlon Inc. lenders, some of whom are locked in a bitter fight with the struggling cosmetics giant.

The bank had recouped some of the money, which the New York-based lender blamed on a clerical error, and more was trickling in on Friday, according to people with knowledge of the matter. But some of the lenders -- including three firms who had claimed Revlon was in default and should have repaid them anyway -- are refusing to return it, said the people, who asked not to be identified because the matter is private.