Citigroup Sues Two More Revlon Lenders in $900 Million Fight

15Views

August 19, 2020

Citigroup Inc is suing HPS Investment Partners and Symphony Asset Management for allegedly refusing to return a combined $237 million, escalating a legal dispute between the bank and Revlon Inc’s lenders over a loan payment error.

Reuters

Last Updated: August 19, 2020, 10:45 PM IST

Citigroup Inc is suing HPS Investment Partners and Symphony Asset Management for allegedly refusing to return a combined $237 million, escalating a legal dispute between the bank and Revlon Inc’s lenders over a loan payment error.

Citi mistakenly paid about $127.3 million in funds to lender HPS Investment and $109.7 million to Symphony, court documents showed.

The fresh lawsuit comes after Citigroup won a small victory on Tuesday in its battle to recoup nearly $900 million it mistakenly sent to creditors of troubled cosmetics company Revlon Inc.

Citi has said it quickly caught the payment error and was taking steps to recover the funds.

Also Watch

After Rahul Gandhi, Priyanka also bats for A Non-Gandhi President for Congress

The error has drawn scrutiny from regulators who have begun looking into the loan and raised questions about the bank’s operational resiliency.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Array
(
[videos] => Array
(
[0] => Array
(
[id] => 5f3d5bc1082aa874143e3613
[youtube_id] => HYotltqFXh8
Citigroup Sues Two More Revlon Lenders in $900 Million Fight => After Rahul Gandhi, Priyanka also bats for A Non-Gandhi President for Congress
)

[1] => Array
(
[id] => 5f3d5965ebd3817406537a49
[youtube_id] => z6-iy6hrXaY
Citigroup Sues Two More Revlon Lenders in $900 Million Fight => Why Are The Educated Youngsters Getting Radicalised ? | The Right Stand With Anand Narasimhan
)

)

[query] => https://pubstack.nw18.com/pubsync/v1/api/videos/recommended?source=n18english&channels=5d95e6c378c2f2492e2148a2,5d95e6c278c2f2492e214884,5d96f74de3f5f312274ca307&categories=5d95e6d7340a9e4981b2e10a&publish_min=2020-08-16T19:36:02.000Z&publish_max=2020-08-19T19:36:02.000Z&sort_by=date-relevance&order_by=0&limit=2
)

Lufthansa Reaches Deal with Pilots to Cut Costs

Citigroup Sues Two More Revlon Lenders in $900 Million Fight

Citigroup Inc is suing HPS Investment Partners and Symphony Asset Management for allegedly refusing to return a combined $237 million, escalating a legal dispute between the bank and Revlon Inc’s lenders over a loan payment error.

Also Watch

Speak Your Mind

LEAVE A REPLY Cancel reply

Get in Touch

Recommend for You

Oh hi there It’s nice to meet you.

Subscribe and receive our weekly newsletter packed with awesome articles that really matters to you!

You might also like

EDITOR PICKS

POPULAR POSTS

POPULAR CATEGORY

About Us

Follow Us

Support Us & Be a Patreon

Add QNewsHub to your Homescreen!

Oh hi there
It’s nice to meet you.