Court shoots down J.R. Ewing actor in Citi dispute

Friday, February 11, 2011 7:01 PM By dwi

SAN FRANCISCO (Reuters) - Citigroup Inc won a conclusion over person Larry Hagman this hebdomad when a judge threw out an judgment award against the bank for over $11 meg in damages.

Hagman, the person who played the wicked J.R. Ewing in the 1980s TV exhibit "Dallas," had accused Citigroup of severance of fiduciary duty and severance of contract.

Last year, an judgment commission of FINRA, a self-regulatory embody of the U.S. business industry, awarded $10 meg in punitive restitution that Citi was to pay to charities selected by Hagman. The person was awarded $1.1 meg in compensatory restitution and nearly $440,00 in jural fees.

But in a judgement filed on Wednesday, Los Angeles Superior Court Judge Michelle Rosenblatt vacated the award, in conception because one of the arbitrators was a plaintiff in a kindred type of jural state and unsuccessful to disclose it.

"It's an absurd, bizarre kind of ruling, and we're rattling overconfident an proceedings court will alter it," said Hagman's professional prince Aidikoff on Friday.

According to Aidikoff, Citigroup denaturized Hagman's assets portfolio so that it was tilted toward equities, as opposed to immobile income and cash, causing onerous losses. The bank also sold Hagman a life insurance policy he couldn't afford, Aidikoff said.

Citigroup spokesman Alex Samuelson said the company is "pleased" with the court's decision to vacate the judgment award.

The housing in Los Angeles Superior Court is Larry Hagman et al. v. Citigroup Global Markets Inc., BS128800.

(Reporting by Dan Levine; Editing by Gary Hill)


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