Ferrell And David Lose Investment Banking Case

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November 19, 2010 | 7:40am EST

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-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 in costs and attorney fees, as well as a penalty of $22,500 for breaking legal rules while fighting the case, according to the Wall Street Journal.