Miley v. Oppenheimer & Co., Inc.

Oppenheimer & Co. (Oppenheimer) (defendant) was found to have churned the brokerage account of Miley (plaintiff), meaning Oppenheimer had made excessive trades to generate commissions rather than to serve Miley's investment interests; the district court awarded Miley damages covering both the commissions Oppenheimer wrongfully charged and the resulting decline in the value of his portfolio. Oppenheimer appealed only the award of damages for the portfolio's decline in value.