Citigroup’s $900 Million Mistake Ends With a Dismissal

A hard-fought battle between Citigroup Inc. and creditors of Revlon Inc. over an epic blunder in which the bank accidentally sent the lenders almost a billion dollars was finally capped with a legal pronouncement: Case dismissed.

The order of dismissal came Monday after the last holdouts among the lenders agreed to return their share of $504 million the creditors still had following Citigroup’s victory in court. That sum was part of an original errant payment of more than $900 million, some of which had already been voluntarily returned to the bank by other recipients.

“Any pending motions are moot,” US District Judge Jesse Furman in Manhattan wrote in the order of dismissal. “All conferences are canceled. The Clerk of Court is directed to close the case.”

Read the source article at finance.yahoo.com