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Citigroup's $500 Million Win Spurs Revlon Lenders to Seek Rehearing

  • An appeals panel reversed a decision that let them keep funds
  • Funds sent in error; now lenders ask court to review ruling


Photographer: Gabby Jones/Bloomberg
Updated on

Some of the Revlon Inc. creditors who were accidentally sent more than $900 million by Citigroup Inc. asked a federal appeals court for a rehearing, after it ruled that they had to give the money back.

The lenders -- which include Brigade Capital Management LP, HPS Investment Partners LLC and Symphony Asset Management -- asked the 2nd US Circuit Court of Appeals on Thursday to have a larger group of judges review the decision by a three-judge panel this month. That decision reversed a lower-court ruling that they could keep $504 million the bank mistakenly wired them in 2020. Some of the lenders had given the money back.