Citigroup mistakenly transfers $900 mn to Revlon lenders due to 'clerical error'

The loan operations staff of New York-based Citigroup mistakenly transferred $900 million to lenders of Revlon on behalf of the cosmetics company due to a "clerical error". Some hedge funds claimed Revlon was in default and reportedly denied giving Citigroup the money back. The amount, $900 million, is reportedly similar to the amount Revlon's lenders were seeking through a lawsuit.