Will Ferrell, the comedian and his associates lost a $18 million arbitration case against the Wall Street Bankers JP Morgan Chase. They were also ordered to pay around $600,000 in legal fees, penalties and hearing costs, reports Forbes.com.
Ferrell, his wife Viveca Paulin, business manager Matt Lichtenberg and Seinfeld creator Larry David filed an arbitration claim in 2008 accusing the brokerage firm of JP Morgan of making unauthorized and unsuitable purchases of preferred securities for their accounts.
Ferrell and his associates wanted the firm to rescind the purchase of the securities.
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, reports Forbes.
Will Ferrell is one of the highest paid Hollywood actors, maybe a good thing for him in this case. Ferrell's latest movie, the animated adventure Megamind, grossed $118.3 million in 12 days, according to Box Office Mojo.