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Archives for: October 2010, 28

J.R.’s Revenge: $10 Million In Punitive Damages To Go To Charity

By Securities Law on Oct 28, 2010 | In Legal Actions

The 1980s star of the hit show “Dallas” has won an $11.5 million arbitration claim against Citigroup Global Markets Inc. Larry Hagman filed the claim with the Financial Industry Regulatory Authority (FINRA) in May 2009 alleging a breach of fiduciary duty and breach of contract, fraud by misrepresentation and omission, and a failure to supervise.

According to the arbitration award, Hagman’s claim stemmed from unspecified securities held in Citigroup accounts, and the purchase of a life insurance policy. The three member FINRA panel found that Citigroup Global Markets “engaged in serious misconduct.”

The FINRA panel awarded Hagman, two trusts in his name and two retirement accounts in his name $1.1 million in compensatory damages, $440,000 in legal fees and $10 million in punitive damages to a charity of his choice.