Recipients of slotxo roughly $ 500 million (£ 360 million) mistakenly routed by U.S. banking giant Citigroup would receive the money, a U.S. judge has ruled.Judge Jesse Furman said Citi was not entitled to return the funds, although they did. "Inadvertently transferred" matter The bank is supposed to send interest payments on behalf of Revlon customers, but will repay all cosmetic company loans instead.

City said it would appeal the decision.We believe we have the right to receive funding and will continue to complete the recovery," the spokeswoman said.Citi, who served as Revlon's loan administrator in 2016, was supposed to send $ 7.8 million in interest on behalf of the company.Nearly $ 900 million was paid back in August to the company's lenders to pay off the debt.After realizing the mistake, Citi was able to recoup some of the money, but 10 companies, including Brigade Capital Management and Allstate Investment, refused to return the money, leading Citi sued.

Manhattan Judge Furman said he was bound by New York law, which had previously found money received to repay the debt did not need to be returned if. "They get rid of the right credit, the recipient has not misrepresented in order to incentivize the debt and The recipient has not made any notice of the mistake.
Unreturned lenders have reason to believe the payments are intentional," Judge Furman wrote.

"To believe otherwise - to believe that Citibank, one of the most complex financial institutions in the world, has made an unprecedented mistake valued at almost $ 1 billion - it is nothing to do with it." reason"Citi was fined $ 400 million last year for internal controls and risk management.