Citi Sues Revlon Lender Brigade, Seeks Return of 'Mistaken' Payment
August 17 2020 - 4:33PM
Dow Jones News
By Alexander Gladstone and Becky Yerak
Citigroup Inc. filed a lawsuit Monday against Brigade Capital
Management LP, seeking the return of the hedge-fund manager's share
of nearly $900 million payment that Citi said it paid by mistake to
Revlon Inc. lenders.
Brigade "has unlawfully attempted to capitalize on the mistaken
payment, " Citi said in the complaint, filed in New York federal
court on Monday. Brigade and other lenders have taken the position
that they aren't obligated to return the money, The Wall Street
Journal reported Friday.
Revlon has said it didn't pay the money itself. In the lawsuit,
Citi said the payment came from the bank's own funds.
Write to Alexander Gladstone at alexander.gladstone@wsj.com and
Becky Yerak at becky.yerak@wsj.com
(END) Dow Jones Newswires
August 17, 2020 16:18 ET (20:18 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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