It was one of the worst Wall Street mishaps in years: Citigroup accidentally wired $900 million last year to a group of lenders locked in a bitter dispute with the beauty company Revlon. On Tuesday, a federal judge ruled that the recipients don’t have to have to return the cash. Citi had intended to make a small interest payment on Revlon’s behalf but instead repaid the loan in full. And some of the lenders — who had sued Revlon and Citi seeking repayment of the loan — refused to return about $500 million. Recipients of cash wired in error are typically required to return it.

Source: New York Times February 16, 2021 18:11 UTC