Nesbit v. McNeil
United States Court of Appeals for the Ninth Circuit
896 F.2d 380 (1990)
- Written by Rocco Sainato, JD
Facts
In 1974, Virginia Nesbit (plaintiff) opened an investment account for herself, and the trust left to her by her husband, with Black & Company, Inc. The accounts were managed by a family friend, Steve McNeil (defendant). During the eleven years in which Nesbit held an account with McNeil, the value of said accounts increased by $182,915. However, the commissions charged by McNeil and Black & Company, amounted to $250,000 over this same timeframe. As a result, Nesbit brought a churning action against McNeil. The district court ruled in favor of Nesbit. McNeil then appealed to the Ninth Circuit Court of Appeals.
Rule of Law
Issue
Holding and Reasoning (Fernandez, J.)
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