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 amount that Citigroup accidentally transferred?

What did Citigroup refer to the incident as?

What is the role of Brigade in this situation according to the text?

What legal action did the city take regarding the funds?

What complications arose due to the lenders' situation with Revlon?