Larry Hagman fights Citi -- and wins
The bank must pay millions after a panel finds 'serious misconduct.'
Larry Hagman, who portrayed Ewing on the television show "Dallas," has won his case accusing Citigroup of securities fraud. Now the bank must pay $10 million to charities of Hagman's choosing, $1.1 million in compensatory damages and $440,000 in legal fees, Reuters reports.
Hagman had asked for only $1.35 million in damages. We're not sure what exactly Citigroup did wrong here -- since much of the case is being kept confidential -- but the bank clearly messed up. According to the ruling, Citigroup's global markets division "engaged in serious misconduct."
Hagman filed a claim against Citi in May of 2009, and the accusations include breach of contract, fraud, failure to supervise and violating federal and state laws. The case seems to be related to a life insurance policy Hagman purchased as well as securities held in Citi accounts.
The case went to arbitration through FINRA, the financial industry's self-regulatory body, Reuters reported. Arbitration panels don't have to explain their rulings. Post continues after video:
Citigroup now says it's disappointed and that it disagrees with the panel's finding. But really, this is just a drop in the bucket for the bank. And though Citi says it's reviewing its options, it's almost guaranteed that the whole thing will just be dropped at this point.
Way to go, J.R. You fought a BBB (bank behaving badly) and won.
I think this is a good time to roll out some J.R. Ewing quotes that are appropriate in this situation. Cue the "Dallas" theme song!
- "All that matters is winning."
- "The world is littered with the bodies of people that tried to stick it to ol' J.R. Ewing."
- "Anything worth having is worth going for -- all the way."
- "Lots of men have tried to run roughshod over me. You can visit them in the cemetery."
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