Citibank’s Costly Mistake
In 2016, Revlon, Inc. entered into a syndicated term loan for which Citibank served as the administrative agent. On August 11, 2020, Citibank, intending to wire an interest payment in the amount of $7.8 million, mistakenly wired $900 million the majority of which was its own money. The amount wired was equal to the outstanding amount of the loan. Citibank...
