Citigroup Sues Bankrupt Revlon Over Mistaken $900 Million Payment
15 Agosto 2022 - 02:36PM
Dow Jones News
By Becky Yerak
Citigroup Inc. is suing Revlon Inc. over $900 million that the
bank said it mistakenly sent of its own money in 2020 to repay a
term loan of the now-bankrupt beauty products business.
Lenders that received the payment before the loan's 2023
maturity have refused to return roughly $500 million of that money,
and Citigroup has been fighting in federal court to claw back that
money from the investors.
In its lawsuit filed Friday in a U.S. Bankruptcy Court in New
York, Citigroup alleges unjust enrichment against Revlon, which
filed for bankruptcy in June. Citigroup wants the bankruptcy court
to order Revlon to repay that $500 million to the bank.
Write to Becky Yerak at becky.yerak@wsj.com
(END) Dow Jones Newswires
August 15, 2022 13:21 ET (17:21 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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