Citigroup Inc. widened its effort to claw back money it wired to Revlon Inc. lenders, suing more investment firms that say they don’t believe a major financial institution sent them portions of a $900 million payment by mistake.
The bank said it wrongly sent $127.3 million to HPS Investment Partners LLC and $109.7 million to Symphony Asset Management LLC and wants a New York federal court to force them to return the money. The bank has blamed human error for the transactions, which fully paid off a loan issued by Revlon in 2016 out of the bank’s own funds.
Citi had already sued Brigade Capital Management LP and on Tuesday won a temporary restraining order freezing the hedge fund’s share of the loan payment, roughly $175 million.
Brigade, HPS and Symphony aren’t conceding there was a mistake, suggesting the payment may have been intentional and questioning how Citi could have transferred such a huge sum in error.
In a court hearing Wednesday, Brigade lawyer Ben Finestone said the payment recipients should get a look at any documents Citi has produced for the Office of the Comptroller of the Currency and the Federal Reserve as the bank investigates the matter.
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August 20, 2020 at 12:54AM
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Citi Widens Hunt for Revlon Loan Payments as Lenders Question Mistake - Wall Street Journal
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