Will Ferrell, Larry David Lose $18 Million Lawsuit Against JP Morgan
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.