Citigroup Hit With $12 Million Award By Actor Larry Hagman

A Los Angeles CA arbitration panel awarded nearly $12 million to actor Larry Hagman, who was best known as J.R. Ewing on the long running TV show “Dallas.” According to the Financial Industry Regulatory Authority (FINRA) award, Citigroup must pay $1.1 million in compensatory damages to him and donate $10 million of punitive damages to charities of Hagman’s choice. The award of punitive damages is rare in securities arbitration cases. However, according to the FINRA Arbitrator’s Manual, such an award is intended to punish the wrongdoer where “the respondent has engaged in serious misconduct.” Additionally, Citigroup was ordered to pay $460,000 in attorney’s fees, $20,000 for costs and expert fees and $10,000 in forum fees. (FINRA# 09-03251; Larry Hagman v.Citigroup Global Markets, Inc.)

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