• Citigroup
• 16 Feb, 2021

Citigroup has lost a legal battle to recoup almost $0.5 billion in wire transfers that were mistakenly sent to creditors of distressed cosmetics firm Revlon. The screw-up happened after the bank mistakenly wired $893 million to Revlon’s lenders, appearing to pay off a loan not due until 2023. Citi was midway through a project to replace obsolete software dating from the 1990s when a 'clerical error' resulted in the transfer of the full debt repayment...
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