Citigroup drops charges against Investcorp over US$18.9 million Revlon transfer

Citigroup drops charges against Investcorp over US$18.9 million Revlon transfer

THE WHAT? Citigroup has dropped Investcorp from the list of defendants it is suing over an accidental payment sent to a series of Revlon creditors, according to a report published by Bloomberg.

THE DETAILS The bank filed a voluntary dismissal with the court last week, revealing that it had been repaid the US$18.9 million sent to Investcorp in error.

Citigroup claims that an employee error caused more than US$900 million of its money to be paid out to a group of Revlon’s lenders, including HPS Investment Partners, Symphony Asset Management and Brigade Capital Management.

THE WHY? The Revlon creditors were expecting an interest payment on behalf of the US cosmetics giant, and are seeking to retain the cash paid by Citibank as payment of debt.

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