Several hundred million dollars have already been returned to the bank, but it has had to take legal action to recover from lenders who have refused to return payment.

Citigroup on Friday filed a third lawsuit in another bid to recoup nearly $1 billion it mistakenly sent to lenders of Revlon, according to Reuters and other media.

The US bank has so far sued a dozen firms after an “operational error” that caused it to transfer $900 million of its own funds to Revlon creditors one day after the troubled cosmetics company was sued over its restructuring tactics.

Several hundred million dollars have already been returned the bank, Citigroup reportedly said (Reuters, August 21). But the bank said it had to take legal action to recover over $500 million from lenders who are refusing to return the payment.

“All of the funds owed to Citi have now either been returned or frozen by court order,” the bank was quoted as saying. “We believe the law is on our side and that we will recover the outstanding funds.”