Larry Hagman, the actor who played Texas oilman J.R. Ewing in the popular 1980’s TV series Dallas won $12 million in an arbitration case against Citigroup on Wednesday.
The ruling by a Financial Industry Regulatory Authority arbitration panel requires Citigroup to pay $1.1 million in compensatory damages to Hagman, punitive damages of $10 million to charities the actor will choose, and $440,000 in attorney’s fees.
In a May 29 claim, Hagman accused Citigroup of a breach of fiduciary duty, fraud by misrepresentation and omission, and other violations related to “unspecified securities,” and a life insurance policy.
“We are disappointed and disagree with the panel’s finding and we are reviewing our options,” wrote Citigroup spokesman Alexander Samuelson in an emailed statement.
In addition to his Dallas fame, Hagman played the astronaut Major Anthony Nelson on the 1960’s hit I Dream of Jeannie.
The Financial Industry Regulatory Authority (FINRA) is a self-regulatory organization that oversees U.S. broker-dealers to protect investors and ensure market integrity. Established in 2007, FINRA was formed by merging the National Association of Securities Dealers (NASD) and the regulation, enforcement, and arbitration functions of the New York Stock Exchange (NYSE). Its primary responsibilities include writing and enforcing rules governing the activities of its member firms, conducting regular examinations to ensure compliance, and providing a dispute resolution forum for investors and broker-dealers.
FINRA also focuses on investor education, offering resources to help individuals make informed investment decisions and recognize potential fraud. One of its key tools is BrokerCheck, a public database providing detailed information about brokers and brokerage firms, including professional backgrounds and disciplinary histories. By maintaining stringent regulatory standards and emphasizing investor protection, FINRA plays a crucial role in fostering trust and stability in the U.S. securities markets.