Revlon to ‘vigorously’ defend itself in lender lawsuit amid $900m payment blunder


Lenders at loggerheads with the beauty giant are said to have mistakenly received almost US$900m from Citibank

Revlon is at the centre of an ongoing dispute regarding a ‘clerical error’ that saw Citigroup bank mistakenly pay almost US$900m to several of the beauty giant’s historic lenders.

The bank appeared to act on behalf of the struggling cosmetics company, which has racked up large debt bills, but now wants to recoup the funds.

However, the receiving investment funds are largely unwilling to repay the monies, according to Bloomberg, and Citigroup has only managed to claw back less than half.

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Revlon is, meanwhile, at the centre of a legal battle with its lenders, who have demanded immediate repayment of...

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