- Revlon ( NYSE: REV ) fell 8.7% after a federal appeals court ruled that a group of the cosmetic company's creditor have to return $500 million that was accidentally sent to them by Citibank ( C ).
- A group of three judges vacated the district court's decision and remanded the case to district court, according to the ruling viewed by Seeking Alpha.
- Citigroup ( C ) originally lost the case in February of last year in its effort to recoup $900 million it had mistakenly transferred to Revlon ( REV ) lenders.
- The defendants — including Brigade Capital Management, HPS Investment Partners, and Symphony Asset Management plus seven others — claimed that they were owed the payment since Revlon ( REV ) was in default on a loan.
For further details see:
Revlon drops after Citibank wins appeal in $500 transfer case