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AGRA, GILL & DUFFUS, INC. v. BENSON

No. 89-2779.

920 F.2d 1173 (1990)

AGRA, GILL & DUFFUS, INC., a Delaware corporation, Plaintiff-Appellee, v. W. Arthur BENSON, Defendant-Appellant, and Frank M. Benson, Jr.; Stanley M. Naples; Lloyd J. Patterson; J. Alan Lindauer; Roberto M. Pensotti; Texas National Energy; C.B. White, Inc.; Forest Hill State Bank; Gatoil (U.S.A.), Inc.; Gatoil International, Inc.; Kahil J. Ghattas; Latina Oil Corporation; Latina Fuel Corporation; Eton Enterprises, Inc.; Eton Fuel Corporation, Defendants.

United States Court of Appeals, Fourth Circuit.

Decided December 7, 1990.

Attorney(s) appearing for the Case

Rob Ross Hendrickson, argued, Frank Murray Benson, Jr., argued (Saul Z. Reese, on brief), Baltimore, Md., for defendant-appellant.

Franklin Terrell Caudill, argued (David F. Albright, Harry Rifkin, Semmes, Bowen & Semmes on brief), Baltimore, Md., for plaintiff-appellee.

Before PHILLIPS and WILKINSON, Circuit Judges, and BUTZNER, Senior Circuit Judge.

BUTZNER, Senior Circuit Judge:

The principal issue in this appeal is whether the customer or the broker should bear the loss resulting from the liquidation of a futures trading account. The customer concededly breached his contract with the broker and failed to meet margin calls. The broker did not follow the customer's orders to liquidate immediately. The jury returned a special verdict in favor of the customer by finding that the broker failed to conduct a commercially...

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