Fraud is still in the air...markets will have to fight investors' lack of confidence in major market participants. Larry Hagman won $10 million in punative damages against Citigroup to be paid to his favorite charities. He also won $1.1 million to cover his own losses.
Reuters 10/7/2010
Larry 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.
Reuters 10/7/2010
Larry 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.
No comments:
Post a Comment