Virginia H. Nesbit and the W. Wallace Nesbit Trust, Cross-Appellants v. Steve McNeil and Black & Company, Inc., Cross-Appellees

FERNANDEZ, Circuit Judge:

Virginia H. Nesbit and the W. Wallace Nesbit Trust (“plaintiffs”) brought this ac tion against Steve McNeil and Black & Company, Inc. (“defendants”) and alleged that the defendants had churned the plaintiffs’ investment accounts. Among other things, plaintiffs sought to recover for violations of the federal securities laws [Securities and Exchange Act of 1934 § 10(b), 15 U.S.C. § 78j(b), and Rule 10b-5, 17 C.F.R. § 240.10b-5] and under the State of Oregon securities laws [Or.Rev.Stat. § 59.135 (1987)]. The district court directed a verdict against the plaintiffs on…