FERRELL AND DAVID LOSE INVESTMENT BANKING CASE
WILL FERRELL and fellow funnyman LARRY DAVID have lost a multi-million dollar legal battle with banking giant JPMorgan Chase.
The two comics, along with Ferrell’s wife Viveca Paulin and his business manager Matt Lichtenberg, filed a complaint against the company in 2008, alleging bankers made $18 million (£12 million)-worth of investments which were "unauthorised and unsuitable".
The group took the grievance to the Financial Industry Regulatory Authority, but a securities industry arbitration panel has now ruled against them.
The panel ordered the group to pay the banking firm $600,000 (£400,000) in costs and attorney fees, as well as a penalty of $22,500 (£15,000) for breaking legal rules while fighting the case, according to the Wall Street Journal.
Movie & Entertainment News provided by World Entertainment News Network (www.wenn.com)
