"Citigroup" turned half a billion dollars into "wrong" dealers ... and a New York judge ruled not to refund the money

The giant American banking group, Citigroup, lost, on Tuesday, a legal battle to retrieve about half a billion dollars that it had transferred to a number of dealers by mistake.

Judge Jesse Foreman in New York said that those who received the money were not required to return it, at a time when Citigroup confirmed that it intends to appeal the ruling.

The issue was raised in August 2020, when Citigroup unintentionally repaid the entire loan of about $ 900 million from creditors, consisting of investment hedge funds and other investment institutions, which it obtained for the benefit of the cosmetics maker "Revlon", while The loan was originally repaid in 2023.

The banking group said it was only targeting to transfer the interest of the loan, worth $ 7.8 million, to the accounts of creditors, but that a human error led to the transfer of the loan completely.

And when some creditors refused to return the money that had been transferred to their accounts by mistake, the banking group resorted to the courts to recover about $ 500 million from it.

For his part, Judge Foreman said that it is illogical to imagine that a sophisticated financial institution such as Citigroup would transfer such large sums by mistake.

In turn, a spokeswoman for "Citigroup" said that the group does not agree with the judge's ruling, and believes that it has the right to recover the money, and will continue to work for that.

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