Larry Hagman, the actor who played the villainous J.R. Ewing in the 1980s TV show "Dallas,'' has won his case that he was victimized by Citigroup Inc., and the bank was ordered to pay over $11 million in damages. The total award includes $10 million in punitive damages that Citi must pay to charities selected by Hagman, $1.1 million in compensatory damages and nearly $440,000 in legal fees.
Hagman, who also played astronaut Anthony Nelson in "I Dream of Jeannie'' in the 1960s TV show filmed in Cocoa, FL had requested $1.35 million in damages. He could not be reached for comment. Hagman accused Citi in May 2009 of a breach of fiduciary duty and breach of contract, fraud by misrepresentation and omission, failure to supervise and violation of federal and state law, according to the ruling by an arbitration panel of FINRA, a self-regulatory body of the U.S. financial industry.
The allegations stemmed from unspecified securities held in Citi accounts, as well as the purchase of a life insurance policy. Hagman received the unusually large award after the arbitrators found Citigroup Global Markets "engaged in serious misconduct,'' meeting FINRA's standards for punitive damages, the ruling said.
This is a great sign across American people who had invested in securities schemes created by major Banks and Holding institutions. This is a fire across the bow that Banks and Securities firms who created bogus or fraudulent schemes can and should be held accountable. If you made an investment into some form of “Securities investment” and have lost big in your portfolio or lost your investment as a whole, you should contact your attorney and allow him / her to check and see if you have a case to suit and get your money back.
Dr Tim McClure
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