Revlon plans to seek dismissal of lawsuit brought by UMB Bank

Revlon is planning to seek a dismissal of the lawsuit brought against it by UMB Bank on behalf of its lenders.

In the case filed in the US District Court for the Southern District of New York, UMB Bank has accused Revlon of unlawfully shifting its collateral trademarks tied to approximately $1.8bn loan.

The lawsuit also named Citibank, Jefferies Finance and others as defendants.

PJT Partners is serving as financial advisor to Revlon and Paul, Weiss, Rifkind, Wharton & Garrison as legal advisor.

The global beauty company employs 6,500 people and said it will continue to focus on business stability, e-commerce development and position itself for future growth.

Commenting on the litigation, Revlon said: “This is a baseless lawsuit brought by UMB – who has no standing to even sue – and directed by a group of desperate lenders seeking to enrich themselves by harming Revlon.

“We plan to seek dismissal of the suit and will continue to vigorously defend ourselves against these meritless accusations.

“Most importantly, we will continue to focus on successfully managing through the impacts of the global pandemic while executing against our strategic plan.”

The company’s brands are marketed in around 150 nations. In 2016, it acquired Elizabeth Arden company and its portfolio of brands.

Revlon added: “Now, months after the last transaction mentioned in the suit closed, these lenders are attempting to re-write history by targeting Revlon and some of the most distinguished banks and financial services companies in the country – including Citibank, and Jefferies.

“This lawsuit is nothing more than the latest unsubstantiated and misguided action from a group that has no legal grounds to stand on.”