Will Ferrell, Larry David Lose $18 Million Lawsuit Against JP Morgan, have to pay them 600k

[The Straight Story]

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 and three orders from the panel, were still supplying ordered documents on the afternoon of the second day of the evidentiary hearing," Finra said in its decision.

http://www.hollywoodreporter.com/news/ferrell-larry-david-lose-18-47481

[Ichingcarpenter]

1. Larry David and Will lose the case to the Banksters

Think about that.


Both are righteous guys.

[KharmaTrain]

2. They Trusted Them...They Got Screwed...

While I'd like to see the head honchos of these financial scams strung up by the short-hairs, my bets are these people bet big and lost big. They saw those juicy 15-25% returns, the eyes turned big and signed on the dotted line. They probably didn't hear about the risks or read the fine print...15-20% Interest is all that mattered. Any financial planner worth his weight would have steered them away from these ponzi schemes...ones with absolutely no guarantees. When they go to Vegas and throw $1,000 on a losing bet, do they sue the house cause they lost? Same deal here.

The smart investors have made the money they lost when the market crashed back by now. Those who got wiped out...and had the ability to do something about it (not those in pension funds) and were greedy just got an expensive lesson in the "free market".

[fasttense]

3. Arbitration case? The arbitration judges were all hand picked by JP Morgan

no doubt.

I would think they could still file a law suit in a Real Court.

[Ichingcarpenter]

6. I agree about that

I suggest a shakedown history on the judges

AMERICAN JUSTICE SYSTEM..... IS FAIR....LOL!!!!!!

[Poll_Blind]

4. Those pissed off comedians are going to cost JPMorgan far more than...

...$18m in the long run.

PB

[BrklynLiberal]

5. Sounds like Will and Larry should now sue Lichtenberg and his lawyers for their

"lackadaisical" commitment to this case.