* Citi ordered to pay $1.35 mln compensatory damages
* Also to pay $10 mln punitive damages for serious conduct
* Citigroup says disagrees with filing, reviewing options
(Adds Hagman's age, background)
By Joseph A. Giannone
NEW YORK, Oct 7 (Reuters) - Larry Hagman, the actor who
played the villainous J.R. Ewing in the 1980s TV show "Dallas,"
has won his case that he was victimized by Citigroup Inc (C.N),
and the bank was ordered to pay over $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
FINRA, 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.
Hagman, who turned 79 last month, continues to appear on TV
and in movies, including the 1998 political spoof "Primary
Colors." More recently he has played off his role as a Texas
oilman to become a spokesman for a solar energy company.
According to Solar World, Hagman's California home was the
largest residential producer of solar power in the United
States.
Watch Movies Online
* Also to pay $10 mln punitive damages for serious conduct
* Citigroup says disagrees with filing, reviewing options
(Adds Hagman's age, background)
By Joseph A. Giannone
NEW YORK, Oct 7 (Reuters) - Larry Hagman, the actor who
played the villainous J.R. Ewing in the 1980s TV show "Dallas,"
has won his case that he was victimized by Citigroup Inc (C.N),
and the bank was ordered to pay over $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
FINRA, 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.
Hagman, who turned 79 last month, continues to appear on TV
and in movies, including the 1998 political spoof "Primary
Colors." More recently he has played off his role as a Texas
oilman to become a spokesman for a solar energy company.
According to Solar World, Hagman's California home was the
largest residential producer of solar power in the United
States.
Watch Movies Online
