London (CNN Business) Citibank has a big problem: It mistakenly wired roughly $175 million to Brigade Capital Management, and the hedge fund hasn't returned the money. Citibank C to troubled cosmetics company Revlon REV said in court documents that it meant to send Brigade Capital around $1.5 million in interest payments on a loan the hedge fund madetotroubled cosmetics company. Instead, it wired roughly 100 times that amount of its own funds to the hedge fund. Citibank, which acts as an administrative agent on the Revlon loan, alleges in court documents that Brigade Capital is refusing to return the money. To support that allegation, the bank includes a message purportedly sent by Brigade Capital that says it's "not at all clear that the funds were sent as a result of 'clerical mistake.'

Source: CNN August 18, 2020 15:11 UTC