Will Ferrell, Larry David lose arbitration case

Ever hear of the Financial Industry Regulatory Authority? It's the organization that self-regulates the securities industry - and where disputes between brokerage houses and customers get resolved. Well, a three-member FINRA panel meeting in L.A. ruled against Ferrell, his wife, a business manager, and a living trust for David in connection with claims that JPMorgan "engaged in unauthorized and unsuitable purchases" of $18 million of preferred securities. The panel ordered Ferrell and the others to pay JPMorgan $600,000 in legal fees, as well as $22,500 for "discovery abuse and failure to comply with the forum's discovery rules and procedures" (whatever that means). Unfortunately, FINRA does not release any specifics of the case, and Ferrell's business manager told the NYT that "It doesn't sound familiar to me, I'll look into it." Must be nice to pooh-pooh a matter involving $18 million.