Citibank sues Brigade Capital

Wednesday 19 August 2020 09:52 CET | News

US-based Citigroup has asked a federal court to force hedge fund Brigade Capital to return USD 176 million.

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.

More: Link

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Citibank, banks, payments , US, Citigroup, federal court, Brigade Capital, Revlon, Brigade, loans
Categories: Banking & Fintech
Countries: United States
This article is part of category

Banking & Fintech