Citibank, which was acting as Revlon's loan agent, meant to send about $8 million in interest payments to the cosmetic company's lenders.
Instead, Citibank accidentally wired almost 100 times that amount, including $175 million to a hedge fund .
Citibank filed a lawsuit in August seeking the return of its funds, but it still has not received $500 million from 10 investment advisory firms after the accidental transfer.
If the beneficiary is entitled to the money and did not know it was accidentally wired, they can keep it.
After all, the money accidentally wired was the exact amount "to the penny" Citibank owed them, although the loan wasn't set to mature for quite some time.
"We are extremely pleased with Judge [Jesse] Furman's thoughtful, thorough and detailed decision," said Benjamin Finestone, who represented two lenders, Brigade and HPS Investment Partners.
We believe we are entitled to the funds and will continue to pursue a complete recovery of them," Citigroup said in a statement. »
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