Citigroup sues two more Revlon lenders in US$900m fight
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[NEW YORK] Citigroup is suing HPS Investment Partners and Symphony Asset Management for allegedly refusing to return a combined US$237 million, escalating a legal dispute between the bank and Revlon's lenders over a loan payment error.
Citi mistakenly paid about US$127.3 million in funds to lender HPS Investment and US$109.7 million to Symphony, court documents showed.
The fresh lawsuit comes after Citigroup won a small victory on Tuesday in its battle to recoup nearly US$900 million it mistakenly sent to creditors of troubled cosmetics company Revlon.
Citi has said it quickly caught the payment error and was taking steps to recover the funds.
The error has drawn scrutiny from regulators who have begun looking into the loan and raised questions about the bank's operational resiliency.
REUTERS
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