Dallas's JR Lassos $11.5 Million in Damages from Citigroup
Oct 7th 2010 7:45PM
Updated Oct 7th 2010 7:48PM
Citigroup (C) is on the hook for $11.5 million in damages after losing an arbitration ruling in a case against actor Larry Hagman, best known for his role as J.R. Ewing in the television series "Dallas."
The Financial Industry Regulatory Authority (FINRA), an independent securities regulator, found that the bank engaged in fraud and misconduct related to securities Hagman held in Citigroup accounts, as well as a life insurance policy. FINRA ordered Citigroup to pay Hagman $1.1 million in compensatory damages, $439,000 in legal fees and $10 million to charities of Hagman's choice.
The 79-year-old actor, who was nominated for two Emmy Awards for his role in "Dallas," originally requested only $1.35 million in damages when filing his complaint last year.
In a statement Thursday, Citigroup spokesman Alexander Samuelson said the company is "disappointed and disagree with the panel's finding and we are reviewing our options."