Citigroup’s $900 Million Revlon Blunder Ends With a Dismissal After Bank’s Victory
- Judge signs order giving epic litigation a ring of finality
- Accidental transfer of funds became the talk of Wall Street
The Citigroup Center in New York.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
A hard-fought battle between Citigroup Inc. and creditors of Revlon Inc. over an epic blunder in which the bank accidentally sent the lenders almost a billion dollars was finally capped with a legal pronouncement: Case dismissed.
The order of dismissal came Monday after the last holdouts among the lenders agreed to return their share of $504 million the creditors still had following Citigroup’s victory in court. That sum was part of an original errant payment of more than $900 million, some of which had already been voluntarily returned to the bank by other recipients.