Citigroup Hit with Another Award of $1.5 Million to Charity

Just a couple of months ago, Citigroup was ordered by a FINRA arbitration panel to pay $10 million to a charity selected by Larry Hagman who played J.R. Ewing, the patriarch of the TV show “Dallas”. This was in addition to the $1,098,386 in compensatory damages, $20,387 in costs and $10,200 in forum fees that was awarded. That case was decided in Los Angeles, CA. (FINRA# 09-03251; Larry Hagman, et al v. Citigroup Global Markets, Inc.)

Two months later on November 29, 2010, a San Francisco FINRA panel ordered Citigroup to pay $1.5 million to the charity of the Claimant’s choice in another case. The claim was for unsuitability and breach of fiduciary duty, among other things, as it related to a concentrated position in Washington Mutual stock. The panel ordered Citi to pay $1.5 million in compensatory damages and $1.5 million to a charity or charities designated by the Claimant. Additionally, Citigroup was ordered to pay $11,475 in forum fees for the arbitration. (FINRA# 09-03077; Patricia Tynan Chapman, Individually and as Trustee of the Patricia Tynan Chapman Trust UAD 9/26/90 v. Citigroup Global markets, Inc.)

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