Will Ferrell loses $18M lawsuit against JPMorgan Chase

Last Updated: Nov 20, 2010, 18:15 PM IST

New York: Outrageous comedian Will Ferrell reportedly lost an 18-million-dollar lawsuit against Wall Street bank JP Morgan Chase.

According to a website, he now has to pay 600,000 dollars to bank in penalties and legal costs, reports a daily.

Ferrell - along with ‘Seinfeld’ creator Larry David - reportedly filed an arbitration claim two years ago that said the company allegedly ‘engaged in unauthorized and unsuitable purchases’ of securities worth 18 million dollars.

In layman’s terms, Ferrell wanted JPMorgan to essentially void the purchase of the securities. The specific securities were not disclosed.

According to the site, a Financial Industry Regulatory Authority panel also ordered the actor to pay 22,500 dollars for ‘discovery abuse and failure to comply with the forum’s discovery rules and procedures.

ANI