Larry Hagman Reaches Settlement with Citigroup
Larry Hagman, the actor who played J.R. Ewing on the long running television series “Dallas”, has reached a settlement with Citigroup Global Markets, Inc., according to a release by the Wall Street Journal. The Financial Industry Regulatory Authority (FINRA) arbitration claim was filed in May 2009 and went to an evidentiary hearing in the fall of 2010. The arbitration panel awarded Mr. Hagman $11.6 million in damages, including $10 million in punitive damages to be paid to a charity of his choice.
Citigroup filed a Motion to Vacate the Award and a California state court judge threw the award out based upon the fact that the chairman of the arbitration panel had failed to properly disclose that he had a conflict because he had an interest in a similar case. Hagman then appealed that court’s decision and the parties reached a settlement but the terms of the settlement remain confidential.