Op risk data: Revlon lenders won’t make up over Citi error

ORX News
09 Sep 2020

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August’s largest loss event occurred at Citi, which accidentally wired $900 million to a group of lenders to cosmetics giant Revlon. The two sides were already locked in a dispute over a soured loan to the private equity-backed firm. As of August 21, Citi has not recovered a total of $520.4 million, for which the bank is now suing the lenders involved.

On August 11, Citi had sent notice to Revlon lenders, intending to pay them accrued

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