The money is part of the USD 900 million the bank accidentally transferred to creditors of the struggling cosmetics company Revlon. The bank says it meant to send Brigade just USD 1.5 million to cover interest on a loan the hedge fund holds.
Citigroup blames the accidental over-payment on an ‘operational mistake’.
Some of those that received the over-payments have returned the money to Citigroup, while others, including Brigade, did not immediately give the money back. Brigade was supposed to receive interest on a USD 174.7 million loan, according to the complaint.
The Paypers is the Netherlands-based leading independent source of news and intelligence for professional in the global payment community.
The Paypers provides a wide range of news and analysis products aimed at keeping the ecommerce, fintech, and payment professionals informed about the latest developments in the industry.
Current themes
No part of this site can be reproduced without explicit permission of The Paypers (v2.7).
Privacy Policy / Cookie Statement
Copyright