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Will Ferrell Sues J.P. Morgan. Fails.

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WHO'S LAUGHING NOW???
DailyFeed
Funnyman Will Ferrell probably isn’t laughing now, are you, Mister Funnyman Will Ferrell?

In 2008, funnyman Will Ferrell, his wife, business manager, and funnyman Larry David’s trust claimed that JPMorgan had “"engaged in the unauthorized and unsuitable purchases" of $18 million of securities in the accounts of two "unnamed" parties.

Well, a Financial Industry Regulatory Authority panel has ruled against funnyman Farrell and his cohorts. To make matters even less funny, they slapped him with what amounts to a $600,000 fine to cover legal fees, plus an additional $22,500 for “discovery abuse” and failing to follow procedural rules.

As the Wall Street Journal points out, this is just the latest battle to erupt between Hollywood and Wall Street. Last month, actor and solar-power enthusiast Larry Hagman successfully sued Citigroup. Also last month, the SEC found actor Larry Wilcox (of CHiPs fame) guilty of “manipulating the volume and price of microcap stocks in a series of alleged kickback schemes.”

All of which points to one thing: rich people like suing rich people. And, as a spectator, it’s pretty exciting.
POSITION:  No positions in stocks mentioned.
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