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Hagman awarded $11.5 million damages over bank fraud case

The veteran actor, who played ruthless oil tycoon J.R. Ewing in the hit 1980s TV show, took action against company bosses in May 2009 after an unspecified incident with his Citigroup accounts and a life insurance policy he purchased through the bank.

He accused Citigroup executives of a breach of fiduciary duty, a breach of contract, fraud by misrepresentation and omission, failure to supervise and violation of federal and state law.

He filed for damages of $1.35 million (£900,000) but was given the inflated amount after arbitrators at independent securities regulator FINRA found Citigroup heads had “engaged in serious misconduct”, therefore qualifying Hagman to receive punitive damages too.

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Hagman was handed $10 million (£6.6 million) in punitive costs, $1.1 million (£733,330) in compensatory damages, and almost $440,000 (£293,330) in legal fees.

Citigroup spokesman Alex Samuelson says, “We are disappointed and disagree with the panel’s finding. We are reviewing our options.”

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