Citigroup wins against Revlon as the court dismissed the $900M blunder case

Citigroup Inc. and Revlon Inc.’s case ended in dismissal and this was confirmed on Monday, Dec. 19, when the actual order was handed down. The verdict means a win for the bank that has famously transferred millions to the cosmetics company by mistake.

The case between the companies has been going on for a while now as Citigroup has sued Revlon in an attempt to recover the money. Monday’s dismissal decision now officially capped the legal case.

As per Bloomberg, the order was announced after the holdouts among the lenders finally concurred to return the money they got which is part of the remaining $504 million that Citigroup has yet to recover after transferring more than $900 million to Revlon that turned out to be a huge blunder.

The amount is the remaining cash that was not yet returned after Citigroup previously won its case against Revlon. When the faulty money transfer first took place, some of the recipients immediately returned the cash to the bank and it was voluntary, however, others decided to keep them thus the bank sued to get them all back.

“Any pending motions are moot,” US District Judge at a Manhattan court Jesse Furman stated in the order of dismissal. “All conferences are canceled and the Clerk of Court is directed to close the case.”

Citigroup reportedly declined to give comments on the lawsuit that was dismissed this week. The lawyers of the lenders and the representatives for Brigade and Symphony did not comment as well.

While Citigroup already won at the appeals court, it has yet to recover the funds and it was revealed that earlier this month, the bank told the judge that at least three of the defendants are ready to sign an agreement to end the litigation. By Friday, last week, the financial company submitted an update and informed the judge that all 10 of the creditors have agreed to send the money back.

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