A judge ruled against actor Larry Hagman this week, throwing out an arbitration award against Citigroup Inc. for over $11 million in damages.
Hangman, who played J.R. on the 1980s TV show “Dallas,” filed a lawsuit against Citigroup, accusing the company of breach of fiduciary duty and breach of contract. According to court documents, an arbitration panel of FINRA, a self-regulatory body of the U.S. financial industry, awarded $10 million in punitive damages that Citigroup was to pay to charities selected by Hagman. The actor was awarded $1.1 million in compensatory damages and nearly $440,000 in legal fees.
A ruling in Los Angeles Superior Court Wednesday vacated the awarded, in part because one of the arbitrators was a plaintiff in a similar type of legal action and failed to disclose it.
Hagman’s attorney called the ruling “absurd” and “bizarre,” saying he was “very confident an appellate court will reverse it.”
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