Will Ferrell, Larry David Lose $18 Million Lawsuit Against JP Morgan
The comics were ordered to pay $634,000 to the firm in lawyer fees, arbitration costs and “discovery abuse.”
Will Ferrell and Larry David were part of a group that last week failed in an attempt to sue Wall Street powerhouse JPMorgan Securities, losing an $18 million arbitration case, according to the New York Post. They were ordered to pay $634,000 in fees.
The Financial Industry Regulatory Authority (Finra), which handles brokerage complaints, slapped a fine and the legal costs on them in the process, the paper said.
L.A. business manager Matt Lichtenberg in the lawsuit claimed "unauthorized and unsuitable purchases of unspecified preferred securities." He added Ferrell, his wife Viveca Paulin, and a trust owned by David to the case last year.
But the finance industry regulatory body suggested that Lichtenberg and his lawyers were what the Post called "lackadaisical" in supplying evidence.
"After three motions to compel discovery by [JPMorgan] and three orders from the panel, [Lichtenberg legal team members] were still supplying ordered documents on the afternoon of the second day of the evidentiary hearing," Finra said in its decision.
Ferrell and David were ordered to pay JPMorgan $22,500 for "discovery abuse and failure to comply with the forum's discovery rules." They were also ordered to pay $600,000 to JPMorgan for lawyers' fees and $12,000 in arbitration costs.
- Prince Takes Over the 'Arsenio Hall Show,' Debuts New Funky Song
- A Train, a Trestle and 60 Seconds to Escape: How 'Midnight Rider' Victim Sarah Jones Lost Her Life
- 'Divergent' Star Shailene Woodley: The Next Jennifer Lawrence?
- 'Noah' Banned in Several Middle Eastern Countries
- Lindsay Lohan's OWN Series Gets First Official Trailer (Video)
- MOST SHARED
- MOST POPULAR
- This Guy's Acapella Version Of Mike Tyson's 'Punch Out' Will Make You Nostalgic (VIDEO)
- Conan O'Brien Gives Body-Slam Filled Review Of The WWE 2K14 Video Game
- George Lopez Returns With 'Saint George' And Talks Diversity On Television (VIDEO)
- Brittany Murphy & Dakota Fanning Were The Perfect Couple In 'Uptown Girls'
- Ian Somerhalder Sings Smokey Robinson Classic in 'Esquire China' Behind the Scene Video - Watch Now!
- 'Glee'Actor Harry Shum Jr. is Engaged to Girlfriend Shelby Rabara!
- Nicole Richie Proudly Rocks New Purple Hair at Lunch with Joel Madden!
- Zooey Deschanel's 'New Girl' & Mindy Kaling's 'Mindy Project' Get Early Renewals From Fox!