Citigroup Wins Order to Freeze Funds

Citigroup accidentally transferred over $900 million, a sum 100 times larger than intended, due to a banking error. The funds were meant for Revlon creditors but were mistakenly sent from Citigroup's own funds. Legal actions ensued, with Citigroup seeking a temporary injunction to recover the money. Brigade, a hedge fund, refused to return the funds, citing its role as an investment manager. The situation is complicated by Revlon's default on a loan, leading to disputes among lenders. The case is ongoing, with court proceedings expected to determine the next steps.

What was the magnitude of the accidental transfer made by Citigroup?

• 200 times larger than intended

• 100 times larger than intended

• 50 times larger than intended

• 10 times larger than intended

What role did Citigroup play in relation to Revlon?

• An agent

• A competitor

• A creditor

• A borrower

Why did Brigade refuse to return the funds?

• They were not legally obligated

• They were not aware of the transfer

• They claimed the funds were distributed to other funds

• They had already spent the money

What legal action did Citigroup seek against Brigade?

• A permanent injunction

• A public apology

• A financial penalty

• A temporary injunction

What was the broader implication of the dispute involving Revlon?

• It improved relations between lenders and Revlon

• It resulted in Revlon's bankruptcy

• It caused Citigroup to back out of a transaction

• It led to a merger between Citigroup and Revlon