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Citigroup drops lawsuit against Investcorp over accidental Revlon payment

·1 min read
The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto
The Citigroup Inc logo is seen at the SIBOS banking and financial conference in Toronto

(Reuters) - Citigroup Inc is dropping claims against one of the entities it had sued in an attempt to recoup nearly $1 billion that it mistakenly sent to lenders of Revlon Inc, according to a court filing on Wednesday.

The third-largest U.S. bank has dismissed all charges against Investcorp Credit Management LLC, which it said had received $18.9 million from Citi's accidental payment.

"We are pleased to have these funds returned," said Citigroup in a statement.

Citi had sued a dozen firms for refusing to return the payment after an "operational error" caused the bank to transfer $900 million of its own funds to Revlon creditors, a blunder that led to costly litigation, regulatory consent orders and a $400-million penalty.

Since then, Citi has announced that Chief Executive Mike Corbat would retire earlier than expected, with current president Jane Fraser set to succeed him.

(Reporting by C Nivedita in Bengaluru; Editing by Devika Syamnath)