By Becky Yerak

Citigroup Inc. is suing Revlon Inc. over $900 million that the bank said it mistakenly sent of its own money in 2020 to repay a term loan of the now-bankrupt beauty products business.

Lenders that received the payment before the loan's 2023 maturity have refused to return roughly $500 million of that money, and Citigroup has been fighting in federal court to claw back that money from the investors.

In its lawsuit filed Friday in a U.S. Bankruptcy Court in New York, Citigroup alleges unjust enrichment against Revlon, which filed for bankruptcy in June. Citigroup wants the bankruptcy court to order Revlon to repay that $500 million to the bank.

Write to Becky Yerak at becky.yerak@wsj.com

(END) Dow Jones Newswires

August 15, 2022 13:21 ET (17:21 GMT)

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