Bank Error in Your Favor: Citi’s Fight to Reclaim $900 Million
- Citibank has recovered about $400 million in legal dispute
- Bank now goes to trial to get rest back from Revlon creditors
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The market had just opened in New York when Arokia Raj knew he had a problem.
A contractor in India for Citigroup Inc.’s Citibank retail business, Raj had been the “checker” on a periodic interest payment to a group of Revlon Inc. creditors, with the bank acting as administrative agent on the loan. Suddenly he realized that Citi had instead sent some of those creditors the full remaining principal.