Beneficiary Of Citi Screw Up Was Totally Talking About Another Mistake When She Found Out About Payment
Really, it was about someone fucking up on our side. Honest.
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Really, it was about someone fucking up on our side. Honest.
As we’ve discussed, the ongoing battle between Citigroup and a group of hedge funds over the former’s alleged whoopsie in paying the latter a half-billion dollars it didn’t mean to has, at times, seemed like a contest over who could play dumb and disingenuous most convincingly. Even given the high bar both sides have set in the matter, the trial’s last day had something special.
NEW YORK (Reuters) Citigroup made a final push on Wednesday to persuade a federal judge to force lenders of Revlon to return half a billion dollars of its own money that it mistakenly sent them.
At the conclusion of a six-day nonjury trial, U.S. District Judge Jesse Furman in Manhattan said he would rule as quickly as he could, while admitting it s not the easiest case.
The case stemmed from an Aug. 11 blunder where Citigroup, acting as Revlon s loan agent, wired $893 million to Revlon lenders, which the struggling cosmetics company controlled by billionaire Ronald Perelman did not owe until 2023, rather than a $7.8 million interest payment.
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