Opinion ID: 345769
Heading Depth: 1
Heading Rank: 1

Heading: state and federal securities acts

Text: 10 Plaintiffs contend that the trial court erred when it failed to find violations of § 10 of the Securities Exchange Act of 1934, 15 U.S.C. § 78j, or Rule 10b-5, (17 C.F.R. § 240.10b-5); of the Oregon Blue Sky Laws (ORS 59.135); of § 7 of the Securities Exchange Act, 15 U.S.C. § 78g; or of Regulation T of the Federal Reserve Board. 11 Specifically the court found that the defendant did not engage in an act, practice, or course of business which operated a fraud or deceit upon the plaintiffs so as to constitute a violation under § 10 or state law. With regard to the alleged violation of § 7 of the '34 Act and Regulation T of the Federal Reserve Board, both of which concern time extensions during which margin requirements must be satisfied, the court found that the defendant acted within statutory and regulatory requirements. 12 We cannot say that the trial court's findings of fact on the statutory counts are clearly erroneous. See Fed.R.Civ.P. 52(a). We therefore affirm the judgment for defendants on the statutory counts.