Revlon Decision Leads to New “Erroneous Payment” Provisions for Credit Agreements

April 23, 2021

By now, most lenders and their counsel have heard about the February 16, 2021 decision of the U. S. District Court for the Southern District of New York in Citibank N.A. v. Brigade Capital Management, L.P, which held that certain lenders to Revlon who received payments by mistake from Citibank were in fact entitled to keep those payments.

Otterbourg finance partner David Morse discusses the litigation before the mistaken payment, the decision by the District Court and the reaction of the lending industry in developing new credit agreement provisions in this article that can be found here.