Citigroup in talks to recoup errant $500 million Revlon loan payment

NEW YORK (Reuters) – Citigroup Inc (NYSE:) is negotiating the return of about $500 million it mistakenly paid a group of hedge funds and investment firms on a loan owed by Revlon Inc, lawyers for the bank and the group said in a Thursday court filing.

The lawyers said both sides had not reached an agreement to end Citigroup’s lawsuit to recoup the money, but said previously disclosed talks on a consensual resolution have been continuing.

They asked for court permission to provide a status update on Dec. 5.

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