Citi Trial Shows Chain of Gaffes Leading to $900 Million Blunder
- Bank sued to get funds back from Revlon lenders; trial begins
- Lenders say that’s what they were owed and they’re keeping it
This article is for subscribers only.
Three employees working for Citigroup Inc. told a federal judge they made errors in processing an interest payment that resulted in the mistaken transfer of $900 million to Revlon Inc. lenders.
Details of the blunder were revealed as the workers took the stand on the first day of a trial in which the bank is seeking to recover more than $500 million from recipients that say they were owed it.