11/18/2010 06:17 pm ET | Updated May 25, 2011

Will Ferrell Loses Lawsuit Against JPMorgan, Slapped With $600K Penalty

Will Ferrell lost a lawsuit against JPMorgan Chase and now has to pay a big legal fee, NYT's DealBook reports.

The suit, which the actor filed in 2008 with his wife and a business manager, and with fellow funnyman Larry David's trust, claimed the bank had "engaged in the unauthorized and unsuitable purchases" of $18 million of securities in the accounts of two "unnamed" parties.

A Financial Industry Regulatory Authority arbitration panel not only ruled against Ferrell and the others but also decided they have to pay JPMorgan $600,000 to cover legal fees, and an additional $22,500 for "discovery abuse" and not following legal rules during the case.

The NYT and the Wall Street Journal say this sort of penalty on investors is highly unusual.

"It's about time," Jonathan Uretsky, a securities lawyer, told the WSJ. "I think this should happen more often."

Read the ruling:

Finra Ruling Against Will Ferrell and Others