By Becky Yerak
Citigroup Inc. is suing Revlon Inc. over $900 million that the bank said it mistakenly sent of its own money in 2020 to repay a term loan of the now-bankrupt beauty products business.
Lenders that received the payment before the loan's 2023 maturity have refused to return roughly $500 million of that money, and Citigroup has been fighting in federal court to claw back that money from the investors.
In its lawsuit filed Friday in a U.S. Bankruptcy Court in New York, Citigroup alleges unjust enrichment against Revlon, which filed for bankruptcy in June. Citigroup wants the bankruptcy court to order Revlon to repay that $500 million to the bank.
Write to Becky Yerak at becky.yerak@wsj.com
(END) Dow Jones Newswires
08-15-22 1321ET