NEW YORK — Will Ferrell, star of numerous movie comedies and a popular "Saturday Night Live" alumnus, bombed on Wall Street.
A group of investors including Ferrell last week lost an $18 million arbitration case against JPMorgan Chase and, on top of that, was ordered to pay $634,500 for the banking giant's legal fees, a penalty and hearing costs.
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| JPM | 38.52 | -0.89 -2.26% | |
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Ferrell, his wife, Viveca Paulin, business manager Matt Lichtenberg and a trust filed a case in 2008 against JPMorgan Securities LLC, accusing the brokerage of making "unauthorized and unsuitable purchases of preferred securities" for their accounts.
Ferrell's group wanted JPMorgan to rescind the purchase of the securities.
On Friday, a securities industry arbitration panel denied the claims. As is typical, the panel did not explain its decision.
The panel also ordered the group to pay the bank $600,000 for legal fees, pay a "discovery abuse" penalty of $22,500 for failure to comply with rules and procedures, and pay $12,000 of hearings fees.
Ferrell's attorney, Thomas Fehn of Los Angeles law firm Fields Fehn & Sherwin, declined to comment.
The Financial Industry Regulatory Authority panel, in its ruling, said it had ordered the investors to provide documents on three different occasions, but that they did not do so until evidentiary hearings.
Ferrell left the cast of Saturday Night Live to become one of today's the most successful comic actors, with lead roles in such movies as "Anchorman: The Legend of Ron Burgundy" and "Old School." More recently, he provided the voice of the main character in the animated film "Megamind."
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