On "Dallas," nobody got the better of oilman J.R. Ewing. And in real life, the actor who played him, Larry Hagman, had similar success in a lawsuit against Citigroup, reports the New York Times’ DealBook blog.
Hagman won $11.6 million in a securities arbitration case against Citigroup, in a case that stems to a 2009 claim that alleged breach of fiduciary duty, breach of contract, fraud by misrepresentation and failure to supervise, the story says.
The charges were related to unspecified securities held with Citigroup along with the acquisition of a life-insurance policy. The reasoning for the award wasn’t noted, but the ruling includes $1.1 million in compensatory damages for Hagman and $10 million in punitive damages that will be donated to charities chosen by the actor, the story says. The financial company must also pay $460,000 in costs such as legal fees.
Citigroup said it was disappointed with the ruling and is reviewing its options, while Hagman’s manager said he didn’t immediately have a comment.