Citigroup has lost an arbitration ruling that will force it to pay almost $12 million in damages in a case against actor Larry Hagman, who played oilman J.R. Ewing in the television show “Dallas.”
A Financial Industry Regulatory Authority arbitration board ruled that Citigroup must pay $1.1 million in compensatory damages and must donate $10 million in punitive damages to charities of Hagman’s choice, according the ruling. The bank also must pay about $460,000 for Hagman’s attorney fees and other costs. The arbitration board said it enforces punitive damages under its authority if a company “has engaged in serious misconduct,” according to the ruling. The board didn’t provide a reason for its decision.
The claim, filed in May 2009, related to “unspecified securities” in Hagman’s accounts and the purchase of a life-insurance policy.
Larry Hagman played oilman J.R. Ewing.
