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Larry Hagman Awarded $11.5 Million in Damages After Becoming Victim of Fraud

October 08, 2010 06:12:36 GMT

The veteran actor was handed $10 million in punitive costs, $1.1 million in compensatory damages, and almost $440,000 in legal fees over bank fraud case.


Larry Hagman
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"Dallas" star Larry Hagman has been awarded $11.5 million in damages from banking firm Citigroup Inc. after becoming a victim of fraud. The veteran actor, who played ruthless oil tycoon J.R. Ewing in the hit 1980s TV show, took action against company bosses in May 2009 after an unspecified incident with his Citigroup accounts and a life insurance policy he purchased through the bank.

He accused Citigroup executives of a breach of fiduciary duty, a breach of contract, fraud by misrepresentation and omission, failure to supervise and violation of federal and state law. He filed for damages of $1.35 million but was given the inflated amount after arbitrators at independent securities regulator FINRA found Citigroup heads had "engaged in serious misconduct", therefore qualifying Hagman to receive punitive damages too.

Hagman was handed $10 million in punitive costs, $1.1 million in compensatory damages, and almost $440,000 in legal fees. Citigroup spokesman Alex Samuelson says, "We are disappointed and disagree with the panel's finding. We are reviewing our options."


 




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