Citibank acting as a loan agent to cosmetic company Revlon, accidentally transferred USD 900 million (about Rs 6,554 crore) to the company’s lenders.
Citi was serving as the so-called administrative agent between Revlon, the embattled cosmetics company, and its creditors. It mistakenly paid those lenders much more — USD 8 million was the correct amount— than it intended to
A worried Citibank then moved the court demanding a full refund, but it still has not received $USD 500 million from the accidental transfer.
A US District Court judge ruled that Citi can’t recover that amount and said, “it is one of the biggest blunders in banking history