Hagman v Citigroup - $11,558,127 Award
In October 2010 a FINRA arbitration panel in Los Angeles, CA ordered Citigroup to pay a total of $11,558,127, including punitive damages of $10 million, attorneys' fees, and costs. Claimants alleged breach of fiduciary duty, fraud, and failure to supervise. On behalf of the Claimants, Paul Meyer testified about the role of asset allocation in making suitable recommendations and the duty to impose heightened supervision on registered representatives with a history of customer complaints.
- The New York Times, October 9, 2010 - "It's Not Nice to Mess With J.R."