Citigroup Cites $900 Million Human Error. Lenders Are Puzzled

  • Bank says it has put significant, additional controls in place
  • Firms being sued cite offer to conditionally return funds
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Citigroup Inc. is chalking up its wayward $900 million payment to lenders of the embattled cosmetics giant Revlon Inc. to one thing: human error.

The bank -- which said on Monday it has been in the process of upgrading its loan operations platform after a review it undertook last year -- said it mistakenly transmitted the payments after an employee didn’t manually select the correct system options in its loan operation software.