Will Ferrell Loses $18 Million Trading Suit
NEW YORK (
) -- Comedic actor Will Ferrell and co-founder of
Seinfeld
Larry David's complaint against
JPMorgan Chase
(JPM) - Get Report
is no laughing matter.
Ferrell and David both sued the bank for making unauthorized and unsuitable purchases of preferred securities, lost an $18 million arbitration case against the bank and were ordered to pay $634,500 in legal fees. The case said the brokerage made unauthorized investments in
"preferred securities," and did not specify what the investments were.
, according to a document posted on the
Wall Street Journal
's web site.
Ferrell and David had wanted JPMorgan to rescind the purchase of the securities, according to the report.
Ferrell and David are not the only actors to recently
before the Financial Industry Regulatory Authority with an an arbitration case. Larry Hagman, who played Texas oilman J.R. Ewing in the popular 1980's TV series Dallas recently won a $1.1 million in compensatory damages from
Citigroup
(C) - Get Report
for fraud by misrepresentation and omission.
Ferrell started in movies such as
Anchorman
and
Old School
.
--Written by Maria Woehr in New York.
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