Citigroup drops lawsuit against Investcorp over accidental Revlon payment
Reuters
Published Oct 14, 2020 05:46PM ET
Updated Oct 14, 2020 06:00PM ET
(Reuters) - Citigroup Inc (NYSE:C) is dropping claims against one of the entities it had sued in an attempt to recoup nearly $1 billion that it mistakenly sent to lenders of Revlon Inc, according to a court filing on Wednesday.
The third-largest U.S. bank has dismissed all charges against Investcorp Credit Management LLC, which it said had received $18.9 million from Citi's accidental payment.
"We are pleased to have these funds returned," said Citigroup in a statement.
Citi had sued a dozen firms for refusing to return the payment after an "operational error" caused the bank to transfer $900 million of its own funds to Revlon creditors, a blunder that led to costly litigation, regulatory consent orders and a $400-million penalty.
Since then, Citi has announced that Chief Executive Mike Corbat would retire earlier than expected, with current president Jane Fraser set to succeed him.
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Written By: Reuters
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