Will Ferrell and Larry David have both not only lost an $18 million arbitration case against JPMorgan, but were in return fined $634,000 for "discovery abuse and failure to comply with the forum's discovery rules!"
The two funnymen were aiding business manager Matt Lichtenberg in his case against the brokerage firm, claiming "unathorized and unsuitable purchases of unspecified preferred securities," but the Financial Industry Regulatory Authority, which handles their complaints, ruled against them!
In FINRA's decision letter, they explained:
"After three motions to compel discovery by [JPMorgan] and three orders from the panel, [members of Lichtenberg's team] were still supplying ordered documents on the afternoon of the second day of the evidentiary hearing."
David and Ferrell must also pay $600,000 to JPMorgan for legal fees and $12,000 for arbitration costs.
[Image via WENN.]
Tags: arbitration, brokerage firm, business manager, financial industry regulatory authority, fined, jpmorgan, larry david, legal matters, matt lichtenberg