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The Right Coast
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Citigroup defends actions at trial over $900M Revlon blunder

By Thomas A. Smith

It stemmed from an Aug. 11 incident where the bank s Citibank unit, acting as Revlon s loan agent, wired $893 million to Revlon s lenders rather than a planned $7.8 million interest payment, appearing to pay off a loan not due until 2023.

While some 200 Revlon lenders have repaid Citigroup, the bank wants hedge fund and asset managers including Brigade Capital Management, HPS Investment Partners and Symphony Asset Management to return the remaining $501 million. They claim they were simply paid what they were owed.

via nypost.com

This is very funny.