Citigroup Inc. restated fourth-quarter results after writing down a portion of a loan to Revlon Inc. it now owns after losing a court battle. It’s since written down a portion of the loan. While some lenders opted to return roughly $389.8 million, the bank sued 10 fund managers to recoup the remaining funds. After a trial that was closely watched across Wall Street in December, Citigroup unexpectedly lost the case earlier this month. The probes are tied to facilitation trades, or transactions in which the bank “trades fully or partially as principal," Citigroup said in the filing.

Source: Mint February 26, 2021 23:48 UTC