Citigroup, funds in talks to end lawsuit over errant $500 mln Revlon payment | Reuters

Citigroup Inc is in talks to end litigation against hedge funds and investment firms that it mistakenly paid about $500 million on a loan owed by Revlon Inc (REVRQ.PK), billionaire Ronald Perelman’s now-bankrupt cosmetics company.

Both sides had been expected to apprise U.S. District Judge Jesse Furman in Manhattan on their next steps in the case by Nov. 10.

In a letter filed on Thursday in Manhattan federal court, their lawyers requested a three-week extension to Dec. 1 to “allow the parties to continue discussions that would avoid the need for further court involvement.”

Source: Citigroup, funds in talks to end lawsuit over errant $500 mln Revlon payment | Reuters