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McGINN v. MERRILL LYNCH, PIERCE, FENNER & SMITH

No. 83-1829.

736 F.2d 1254 (1984)

Patrick McGINN and Frances McGinn, husband and wife, Appellants, v. MERRILL LYNCH, PIERCE, FENNER & SMITH, INC., and Mark S. Hengesteg, Appellees.

United States Court of Appeals, Eighth Circuit.

Decided June 22, 1984.

Attorney(s) appearing for the Case

Dorsey & Whitney, James B. Vessey, Perry M. Wilson, Minneapolis, Minn., for appellants.

Before BRIGHT, ARNOLD and FAGG, Circuit Judges.

ARNOLD, Circuit Judge.

Patrick and Frances McGinn brought this action against Merrill Lynch, Pierce, Fenner & Smith, Inc., and one of its brokers. The principal theory of recovery asserted was that defendants had "churned" the plaintiffs' commodities futures account by engaging in excessive trading in order to generate commissions — a violation of Section 4b(A) of the Commodity Exchange Act, 7 U.S.C. § 6b(A). The jury returned a verdict for plaintiffs...

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