Skip to content
Subscriber Only

Citi Asks Appeals Court to Reverse Ruling on Errant $500 Million Transfer

  • Bank says February ruling ‘sent shockwaves’ through markets
  • Lawyer for creditors says Citi arguments are just ‘rehashes’
Citigroup signage on a building.
Photographer: Brent Lewin/Bloomberg
Updated on

Citigroup Inc. urged a federal appeals court to overturn a ruling allowing a group of disgruntled Revlon Inc. creditors to keep more than a half-billion dollars they were accidentally sent by the bank last summer.

The bank said in papers filed Thursday that the court should reverse U.S. District Judge Jesse Furman’s surprise ruling, saying the February decision “sent shockwaves through the markets and generated outcry across the financial industry.”