Friday, October 8, 2010

Larry Hagman Wins $11 Million In Damages From Citi

Larry Hagman has been awarded $10M in damages after claiming to have been a victim of fraud at the hands of Citigroup, one of the world's biggest banks.

Hagman, who played greedy oil tycoon J.R. Ewing in DALLAS, accused the bank of misconduct linked to securities in his portfolio and the sale of a life insurance policy. He filed for $1.35m in damages.

The Financial Industry Regulatory Authority (FINRA) ruled that Citi must pay $10M to charities selected by Hagman, together with $1.1M in compensation and nearly $440,000 in legal fees.

Hagman received the unusually large award after FINRA found Citigroup Global Markets 'engaged in serious conduct'.

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