Citi Mocked by Asset Firms: ‘Take the Money and Run’
- Fighting to get back $508 million, bank says banter is telling
- Barbs show firms knew big transfer was a mistake, Citi argues
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Recipients of Citigroup Inc.’s $900 million error couldn’t help but mock the bank -- and that could help it get the money back.
As it fights to recover funds it sent Revlon Inc. lenders in August, Citibank is working to convince a judge that the 10 asset managers it’s suing knew the payment was a mistake. At a trial on Monday, lawyers for the bank cited electronic chats between employees of some of the investment firms as evidence.