J.R. Ewing Award of $11.6 Million Set Aside
The Wall Street Journal is reporting that a California court has thrown out actor Larry Hagman’s $11.6 million award against Citigroup. The former star of the TV show “Dallas” won an arbitration case against Citigroup for breach of fiduciary duty and fraud, in which the FINRA arbitration panel awarded him $10 million in punitive damages to be given to a charity of his choice, plus compensatory damages and attorneys’ fees and other costs.
Citigroup had filed an action in state court to have the award set aside. The court agreed saying that the Chairperson of the panel, Peter D. Steinbroner, should have disclosed that he and his wife had brought a claim against an investment partner for causing losses to their retirement funds. The case will be sent back for another arbitration hearing if not settled by the parties.