Two comedy stars lost an $18 million arbitration case against JPMorgan last week, when the Financial Industry Regulatory Authority (FINRA) tossed out their case and fined the comedians $634,000, reports the New York Post.
The case, which involved funnymen Will Ferrell and Larry David, originated with Matt Lichtenberg, a Los Angeles business manager who has been involved in real estate deals with Ferrell, the story notes. Lichtenberg first brought the case against JP Morgan in 2008, and then later added Ferrell, his wife Viveca Paulin and a trust owned by Larry David to the case, which accused JP Morgan of "unauthorized and unsuitable purchases of unspecified preferred securities," according to the piece.
FINRA didn’t disclose why it ruled in favor of JP Morgan, but the article says the regulatory group suggested that Lichtenberg or his attorneys were lackadaisical in providing evidence. Lichtenberg and his lawyer didn’t return a request for comment, the story notes.