Citi Wins Freeze of Hedge Fund’s $175 Million Revlon Loan Payment

A federal judge granted Citigroup Inc.’s request to freeze roughly $175 million the bank said it paid hedge-fund manager Brigade Capital Management LP by mistake on a loan owed by troubled cosmetics company Revlon Inc.

Brigade has taken the position it isn’t obligated to return the money it received last week, its share of a nearly $900 million loan payment owed by Revlon.