Op risk data: Revlon lenders won’t make up over Citi error
Also: Cyber fines on the up; and more fat-finger fails of yore. Data by ORX News
Jump to In focus: fat-finger flubs | Spotlight: cyber fines
August’s largest loss event occurred at Citi, which accidentally wired $900 million to a group of lenders to cosmetics giant Revlon. The two sides were already locked in a dispute over a soured loan to the private equity-backed firm. As of August 21, Citi has not recovered a total of $520.4 million, for which the bank is now suing the lenders involved.
On August 11, Citi had sent notice to Revlon lenders, intending to pay them accrued
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