October 7, 2010
Actor Larry Hagman,79, perhaps best recognized for his role as JR Ewing on Dallas in the 1980’s, has won $11.5 million from Citigroup Global Markets, Inc. in a securities arbitration case before the Financial Industry Regulatory Authority (FINRA), reports Nasdaq.com.
In the case, Hagman claimed breach of fiduciary duty and breach of contract, fraud by misrepresentation and omission, investment in unsuitable securities, failure to supervise and violation of federal and state law.
$1.1 million of the award is compensation to Hagman and $440,000 legal fees. Citigroup Global Markets, a division of Citigroup, Inc., will also pay $10 million in punitive damages to the charities of Hagman’s choice. The FINRA panel stating that Citigroup “engaged in serious conduct that meets the standards of such an award.”
“We are disappointed and disagree with the panel’s finding and we are reviewing our options,” Citigroup spokesperson Alex Samuelson told MSNBC.
FINRA is an independent regulator for all securities firms doing business in the United States, overseeing about 4,700 brokerage firms, 167,000 branch offices and 637,000 registered securities representatives. It arbitrates and mediates disputes between investors, banks, financial institutions and stock brokerage firms.
The career of Larry Hagman has spanned some 60 years, since his first appearance on the TV series Search for Tomorrow in 1951.
Attorney Philip Aidikoff represented Hagman.