Citigroup revises earnings lower after losing Revlon case

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Citigroup Inc said on Friday it recorded an additional $390 million in operating expenses in the 2020 fourth quarter after a U.S. federal judge ruled it was not entitled to recoup money it mistakenly wired to lenders of Revlon Inc last year.

As a result, Citigroup revised its fourth-quarter earnings to $1.92 per share down from $2.08, according to a filing.

To date, $389.8 million had been repaid to he bank at its request, but some lenders have held on to the funds leading the bank to wage a legal battle against a group of hedge funds to recover the remainder. “I do believe that we have good grounds for an appeal, and we’re going to pursue that,” Chief Financial Officer Mark Mason said an industry conference on Thursday.

 

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