Saturday, October 9, 2010
Larry Hagman wins $11 million payout from Citi
An arbitration panel has ordered Citigroup Inc. to pay out more than $11 million following allegations that it mishandled the accounts of "Dallas" actor Larry Hagman. Arbitrators told Citi to pay Hagman around $1.1 million in compensation and to hand a further $10 million to the charity of his choice. Hagman, best know for his role as J.R. Ewing in the long-running show, had made allegations including breach of fiduciary duty and fraud by misrepresentation and omission against the bank. The Financial Industry Regulatory Authority did not give specific details of the claims, but said in a decision notice that they related to unspecified securities as well as the purchase of a life insurance policy.