‘Dallas’ Star Larry Hagman Settles $11.6 Million Claim With Citigroup
A judge had thrown out an award from an arbitration panel in a long-running dispute over investment losses.
NEW YORK – Former Dallas star Larry Hagman has reached a settlement with Citigroup in a long-running dispute over investment losses, the Wall Street Journal reported.
The settlement was for an undisclosed amount. It came after a judge had thrown out an $11.6 million award, including $10 million in punitive damages or charities of his choosing and $460,000 in legal and arbitration costs, that an arbitration panel had awarded Hagman in the fall. The judge cited that the panel's chairman was conflicted, but hadn’t disclosed that he had an interest in a similar case.
Hagman appealed, and the settlement was reached.
The actor had originally filed his claim of breach of fiduciary duty and civil fraud against Citigroup - related to unspecified securities and a life insurance policy - in May 2009.