Larry Hagman, the actor who played the villainous J.R. Ewing in the 1980s TV show “Dallas,” has won his case alleging that he was victimized by Citigroup Inc., with the bank ordered to pay more than $11 million in damages.
The total award includes $10 million in punitive damages that Citi must pay to charities selected by Hagman, $1.1 million in compensatory damages and nearly $440,000 in legal fees.
Hagman, who also played astronaut Anthony Nelson in “I Dream of Jeannie” in the 1960s TV show, had requested $1.35 million in damages. He could not be reached for comment.
Hagman accused Citi in May 2009 of a breach of fiduciary duty and breach of contract, fraud by misrepresentation and omission, failure to supervise and violation of federal and state law, according to the ruling by an arbitration panel of the Financial Industry Regulatory Authority, a self-regulatory body of the U.S. financial industry.
The allegations stemmed from unspecified securities held in Citi accounts, as well as the purchase of a life insurance policy.
Hagman received the unusually large award after the arbitrators found Citigroup Global Markets “engaged in serious misconduct,” meeting FINRA’s standards for punitive damages, the ruling said.
“We are disappointed and disagree with the panel’s finding and we are reviewing our options,” said Citigroup spokesman Alex Samuelson.
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.