Citi Asks Appeals Court to Fix Its $500 Million Revlon Error
- Citibank accidentally sent Revlon creditors giant overpayment
- Now it asks judges to overturn ruling that let lenders keep it
Automated teller machines at a Citibank branch in Washington, D.C.
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
Citigroup Inc. tried to persuade an appeals court that disgruntled Revlon Inc. creditors should give back more than half a billion dollars the bank accidentally sent them last year.
A trio of federal judges in Manhattan heard arguments from both sides Wednesday on whether it should reverse a lower court’s surprise decision that the lenders can keep the money -- a decision Citigroup’s main banking unit calls a misapplication of the law that sent “shockwaves through the markets.”