There is no 'return' for Citibank. The US district Judge ruled against Citibank stating that the bank cannot recover $900 million from Revlon's lenders.
According to a CNN report, Citibank, which was acting as Revlon's loan agent, had to wire $8 million to the American multi-national company's lender. However, it decided to send $800 million. When the bank asked the creditors of the cosmetic company to return it some failed to do so. Despite dragging them to court, the verdict was not in Citi's favour. Considering this is a unique case, the court gave a verdict in favour of two lenders Bridge and HPS Investment.
In August, the bank filed a lawsuit seeking the return of its funds, but did not receive $500 million from 10 investment advisory firms after the accidental transfer.
The decision to not return is justified on the fact that the bank paid it intentionally and that the bank had wired the payment for a loan. The news report said, "After all, the money accidentally wired was the exact amount "to the penny" Citibank owed them, although the loan wasn't set to mature for quite some time."
