Citibank was trying to make $7.8M in interest payments. It sent $900M instead.
TIMOTHY B. LEE – 2/17/2021, 12:59 PM
A federal judge has ruled that Citibank isn’t entitled to the return of $500 million it sent to various creditors last August. Kludgey software and a poorly designed user interface contributed to the massive screwup.
Citibank was acting as an agent for Revlon, which owed hundreds of millions of dollars to various creditors. On August 11, Citibank was supposed to send out interest payments totaling $7.8 million to these creditors.