FILE PHOTO: The Citigroup Inc (Citi) logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada October 19, 2017. Picture taken October 19, 2017.
REUTERS: Citigroup Inc filed a third lawsuit on Friday in its latest attempt to recoup nearly US$1 billion it mistakenly sent to lenders of Revlon Inc.
The third largest U.S. bank has so far sued a dozen firms after an “operational error” that caused it to transfer US$900 million of its own funds to Revlon creditors one day after the troubled cosmetics company was sued over its restructuring tactics.
Several hundred million has already been returned the bank, Citi said in an emailed statement. But it has had to take legal action to recover over US$500 million from lenders who are refusing to return the payment.
“All of the funds owed to Citi have now either been returned or frozen by court order,” the bank said in the statement. “We believe the law is on our side and that we will recover the outstanding funds.”
