WISDOM, Senior Circuit Judge:
This is a diversity suit for damages based upon theories of defamation, civil conspiracy, and violation of Virginia’s “insulting words” statute. The district court entered summary judgment for the defendants, and the plaintiffs brought this appeal. Because we find that the principal statement at issue was a constitutionally protected expression of opinion, we affirm.
I.
The plaintiffs are Potomac Valve & Fitting Inc. (Potomac Valve) and its president and owner, Raymond McGarvey. The plaintiffs distribute “Bi-lok” brand tube fittings in Maryland and Virginia. The defendants are the Crawford Fitting Company (Crawford) and the Dibert Valve & Fitting Company (Dibert Valve). Crawford manufactures “Swagelok” brand tube fittings and Dibert Valve distributes Swagelok fittings in Virginia. Bi-lok and Swagelok are direct competitors in the Virginia tube fitting market.
In January 1985, Potomac Valve commissioned the Newport News Industrial Corporation (Newport News) to conduct a series of tests in response to customer concerns about whether the Bi-lok fitting was freely interchangeable with the older and more established Swagelok fitting. Mr. McGarvey, himself a former Swagelok distributor, instructed Newport News to use the “Swagelok General Test Program” — with some modifications. The parties disagree sharply about the importance of these modifications. 1
On June 24, 1985, Newport News completed the tests and prepared a twenty-nine page report of its findings. Potomac Valve summarized this report in three pages and added a fourth page as a synopsis and cover sheet. The synopsis concluded that Bi-lok, Swagelok, and two lots of intermixed fittings all passed the various tests “with no significant differences”. The synopsis and the test results were sent out to the customers and potential customers of Potomac Valve.
All this activity inevitably came to the attention of Samuel Dibert, the President of Dibert Valve. Dibert sent a copy of the synopsis to Crawford headquarters in Ohio. He then attempted to find out about the testing procedures used by Newport News, but officials at Newport News told him that this information was “privileged”.
On August 26, 1985, Dibert wrote to one of his customers, the Badische Corp. of Williamsburg, Virginia, and declared that “[t]he test parameters for the recent test by Newport News Shipbuilding were set up by Bi-lok to give the best possible chance of success”. 2 Despite this letter, Badische eventually shifted its account from Swagelok to Bi-lok. 3
Shortly after Dibert mailed the test synopsis to Crawford he telephoned Mr. William Wilson, then Manager of Marketing and Technical Services at Crawford, and the following conversation ensued:
He called me and said, “Did you get it?,” and I said, “Yes,” and something to the effect of, “Are you going to do anything about it?,” and I said, “I don’t know, I’ve *1283 got more important things to do right now.”
Wilson deposition at 37. On October 3, 1985, Crawford finally responded to the Bi-lok test with a two paragraph “article” in the Crawford Distributor Information Exchange. 4 The text of this critique was written by Wilson and sent to Crawford distributors across the country. Although the Distributor Information Exchange is marked “Personal and Confidential”, Wilson testified in his deposition that he expected Crawford distributors to use it to brief their salesmen, and that ultimately the salesmen would convey the gist of what he had written to any customer who had questions about the test. In the last line of the article, Wilson concludes that “[t]his was a (purposely) very poor test designed to snow the customer”.
According to the plaintiffs, Swagelok salesmen began to tell their customers that the Bi-lok test had been rigged. Although they quickly mailed out a two page reply to these accusations, the plaintiffs maintain that as a result of Crawford’s conduct they have lost “substantial” business, as well as a distributorship for Cardinal Tubing.
In April 1986 the plaintiffs sued Crawford and Dibert Valve in the Eastern District of Virginia. 5 The plaintiffs allege that Crawford and Dibert Valve conspired to injure them in their reputation; they also maintain that both the August 26 letter to Badische and the Crawford Distributor Information Exchange constitute defamation and violate the Virginia statute that prohibits insulting words which “tend to violence and breach of the peace”.
After discovery, the district court granted the defendants’ motion for summary judgment on all counts. The court found that the Distributor Information Exchange, even if defamatory, was privileged as a communication between parties sharing a common business interest. 6 In the alternative, the district court ruled that the concluding sentence of the Distributor Information Exchange was a constitutionally-protected expression of opinion. 7 As the *1284 district court noted, either one of these alternative grounds for dismissing the defamation claim would apply to the Virginia “insulting words” statute as well. Finally, the court found no evidence of a conspiracy between Crawford and Dibert Valve. On appeal, the plaintiffs challenge the district court’s judgment on all three counts.
II.
A. We begin with the civil conspiracy count. Virginia law provides treble damages for anyone who is injured in his “reputation, trade, business or profession” by the concerted and malicious acts of two or more other persons.
8
Although the statute refers to “any means whatever”, Virginia courts have consistently ruled that to recover damages for conspiracy a plaintiff must show that the defendants have combined “to accomplish some criminal or unlawful purpose, or to accomplish some purpose, not in itself criminal or unlawful, by criminal or unlawful means”.
Heckler Chevrolet, Inc. v. General Motors,
We find no evidence that the defendants combined to use unlawful means to blacken the plaintiffs’ reputation. It is true that Dibert spoke to Wilson over the telephone about the Bi-lok test. He may even have encouraged Wilson to prepare a response. But the only evidence in the record conceming this conversation is that it ended on an inconclusive note: Wilson told Dibert that he had “more important things to do”. Moreover, as we hold below, the response that Crawford finally issued was not in fact unlawful.
There is no genuine issue in this case as to the existence of a civil conspiracy, even when the record is viewed in the light most favorable to the plaintiffs.
Cf. United States v. Diebold, Inc.,
B. We now turn briefly to the plaintiffs’ “insulting words” claim. Virginia Code § 8.01-45 creates a private cause of action against the use of words “which from their usual construction and common acceptance are construed as insults and tend to, violence and breach of the peace”.
Although application of this provision is no longer confined to its original purpose of preventing duels, it has been interpreted by Virginia courts to be virtually co-extensive with the common law action for defamation.
9
W.T. Grant Co. v. Owens,
*1285
C. Finally, then, we address the plaintiffs’ defamation claim. We are unable to accept the district court’s first ruling that the record warrants summary judgment on the basis of the “common interest” privilege. William Wilson, the author of the Distributor Information Exchange, testified in his deposition that he fully expected the substance of his article to be passed along from the distributors to the salesmen — and eventually to the customers themselves. The plaintiffs presented some evidence that Swagelok salesmen were spreading the word that the Bi-lok test had been “purposely constructed to snow the customer”. Letter of Don Chamberlain dated 10/29/85. If accepted by the court at trial, this evidence would severely undermine the “common interest” privilege.
See Great Coastal Express, Inc. v. Ellington,
We find, however, that the key statement in this case — that “[t]his was a (purposely) very poor test designed to snow the customer” — is, when read in proper context, a constitutionally protected expression of opinion. 11 Because the First Amendment line between fact and opinion is sometimes elusive, and because the issue has not yet been addressed in this circuit, we pause here to provide our understanding of the distinction before applying it to the facts of this case. 12
The proposition that the First Amendment protects opinions from liability under state defamation law has often been traced to the following dictum in Gertz v. Welch:
We begin with the common ground. Under the First Amendment there is no such thing as a false idea. However pernicious an opinion may seem, we depend for its correction not on the conscience of judges and juries but on the competition of other ideas. But there is no constitutional value in false statements of fact.
The constitutional distinction between fact and opinion is now firmly established in the case law of the circuits.
19
This Court recognized and applied it in
National
*1287
Foundation for Cancer Research v. Council of Better Business Bureaus, Inc., (“NFCR”),
Perhaps the most comprehensive attempt to define the indicia of an “opinion” can be found in
Oilman v. Evans,
In reaching this conclusion, the Oilman court was admittedly sailing through the “largely uncharted seas ... left in Gertz’s wake”. Id. at 977. Recognizing that it would be impossible to draw a bright line between fact and opinion, the court proposed a four-factor analysis. Id. at 979-84. To identify an opinion, a trial judge should (1) consider the author or speaker’s choice of words; 21 (2) decide whether the challenged statement is “capable of being objectively characterized as true or false”; 22 (3) examine the context of the challenged statement within the writing or speech as a whole; 23 and (4) consider “the broader so *1288 cial context into which the statement fits”. 24 We agree that this thoughtfully elaborated list includes all the relevant factors. Unfortunately, though, the Oilman test and other tests like it leave considerable doubt as to the proper outcome when all of these factors are not in agreement. 25
We view the second Oilman factor — the verifiability of the statement in question — as a minimum threshold issue. If the defendant’s words cannot be described as either true or false, they are not actionable, even if they are cautiously phrased and published in a learned treatise. The statement in NFCR that the plaintiff failed to invest a “reasonable percentage” of its income in actual cancer research was inherently impossible to prove or disprove. As such, it was properly protected by the First Amendment, regardless of how it might have fared under the full Oilman analysis.
Even when a statement is subject to verification, however, it may still be protected if it can best be understood from its language and context to represent the personal view of the author or speaker who made it. 26 Thus we reject the suggestion, advanced by the plaintiffs in this case, that any “question of fact” which can be decided by a jury can be actionable as defamation. Such a test ignores the underlying purposes of the fact/opinion distinction, and would lead to results that could not be reconciled with the developing case law in other circuits. 27
We hold that a verifiable statement, a statement that has failed the second Oilman factor, nevertheless qualifies as an “opinion” if it is clear from any of the three remaining Oilman factors, individually or in conjunction, that a reasonable reader or listener would recognize its weakly substantiated or subjective character — and discount it accordingly. As Thomas Jefferson observed in his first Inaugural Address, in a passage quoted by *1289 Justice Powell in Gertz, error of opinion need not and ought not be corrected by the courts “where reason is left free to combat it”. 28
Applying this analysis to the case before us, we begin by asking whether the final sentence in the Distributor Information Exchange is capable of truth or falsity. The plaintiffs argue that the test was either “purposely ... designed to snow the customer” or it wasn’t.
29
We agree. The truth or falsity of the statement does not depend upon subjective values or indefinite terms.
Cf. Avins v. White,
In oral argument before the district court, the defendants suggested that statements of intention or motive are inherently unverifiable. According to the defendants, “many psychiatrists” would maintain that “we often even don’t know our own intentions”. We emphatically reject this approach. The question of verifiability is ultimately relevant only insofar as it preserves the truth defense and protects statements which the ordinary reader or listener would recognize as incapable of positive proof. These purposes are not
served by considering psychological and epistemological doubts that would ultimately threaten the entire concept of defamation. We hold that the final sentence of the Distributor Information Exchange is capable of being proved true or false. 30
We proceed, then, to the second step of the analysis. Here we consider the language of the statement in question, the context of the statement within the article as a whole, and the broader social context within which the statement was made. 31 The plaintiffs would have us find that the message of the Distributor Information Exchange was that Mr. McGarvey acted with “specific intent” to “mislead” his customers. We note, however, that the Distributor Information Exchange does not use these precise, legalistic terms. Instead, Mr. Wilson set the word “purposely” in parenthesis, as though it were an afterthought, and used the colloquial verb “to snow”. We do not doubt that “to snow” has an ascertainable and pejorative meaning. Nevertheless, it lacks the air of illegality which hangs about the words “mislead”, “deceive”, and “defraud”. 32
The district court ruled that the statement was opinion based upon the next factor, its context in the article as a whole. 33 The plaintiffs prefer to discuss *1290 the last sentence of the article in isolation. Standing alone, the statement that McGarvey purposely designed the test to snow his customers might well suggest that the author had special access to information that confirmed McGarvey’s bad faith. 34 Read in context, however, it is clear that the statement is merely Wilson’s conclusion from the seven specific points he outlines in the text of the article.
We note in particular the sentence: “It [the Bi-lok test report] all looks very official until you read it in detail”. This sentence puts the reader on notice that the author is basing his discussion on nothing more than a close analysis of the test results. The paragraph that begins with this sentence proceeds to list a number of methodological shortcomings that are supposedly revealed by a close reading of the test results, and ends with the conclusion that the test was purposely designed “to snow the customer”. We agree with the district court that, when properly viewed in context, the statement in question readily appears to be nothing more than the author’s personal inference from the test results. The premises are explicit, and the reader is by no means required to share Mr. Wilson’s conclusion.
Finally, we find that a reasonable reader would recognize that the contents of the Crawford Distributor Information Exchange are likely to reflect the professional interests of the Crawford Fitting Company. The plaintiffs point out that the statement “was published in a distributor information exchange and not in an opinion exchange” (original emphasis). Despite the label of the publication, however, we' are unable to agree with the suggestion that readers of the bulletin — whether distributors or potential customers — would expect it to contain a dispassionate and impartial assessment of the Bi-lok test. 35 The world of business is a world of conflict and competition. Businessmen recognize this, and are usually able to discount the views of one competitor about the quality of his rival’s product, or the purity of his ethical character. 36
In summary, we acknowledge that the defendants’ statement is capable of being proved or disproved, but we nevertheless hold that when viewed in context it is clearly an opinion, and therefore protected by the First Amendment. For this reason, we agree with the district court’s disposition of both the “insulting words” claim and the defamation count.
Accordingly, the judgment of the district court is AFFIRMED.
Notes
. The defendants maintain that McGarvey improperly supplied Newport News with the fittings to be tested. They also charge that only the strongest sizes and shapes were tested, and that several important tests were omitted altogether. The plaintiffs insist that the only deviations from the Swagelok General Test Program were cost-saving measures that in no way affected the tests' validity. Fortunately we need not pass judgment on these methodological problems to decide the case before us.
. Newport News Shipbuilding is the parent of the Newport News Industrial Corp. which actually conducted the tests.
. It is worth noting that the August 26 letter to Badische also included the following statement:
We do not question the results of the test, but rather ask if it is appropriate or prudent to use this test of limited service factors, under ideal conditions, to support the claim that the Bi-lok fitting is equal in all respects to SWAGELOK.
In short, the main point of Dibert's letter to Badische was not to impugn the tests themselves, but simply to question their value when set beside Swagelok’s "years of proven reliability” under actual operating conditions.
. The Distributor Information Exchange, a newsletter sent to Crawford’s 78 distributors, appears roughly once a month. It is produced by a word processor and a photocopying machine. The "lead story” for October is reprinted here in its entirety:
Bi-Lok "Independent" Test
Bi-Lok distributors are regularly handing out copies of Test Results from tests performed (at Bi-Lok expense) at Newport News Shipbuilding & Dry Dock Company in Newport News, Virginia.
These tests were commissioned and paid for by Ray McGarvey at Potomac V & F Co. He also furnished all of the tube fittings (including the Swagelok fittings).
It all sounds very official until you read it in detail:
1. Fittings were Bi-Lok and Swagelok, furnished by Potomac V & F. Question: Why did Potomac furnish the Swagelok fittings? Leads to many more questions.
2. Of the 48 assemblies tested, “47 of 48 assemblies showed favorable results". Question: What happened to the 48th? Answer: It leaked.
3. In helium leak test the column "VACUUM TO” is listed as greater than 1 x 10-5 cc/sec helium. This is a leak rate, not a vacuum.
4. No forged shapes were used in the tests.
5. The make-break test assembly was not used for burst tests as we always do in our tests.
6. Tensile tests merely said "increased load until union broke or tubing pulled out of union.” No figures given.
7. Only one wall thickness of tubing was used for each size.
This was a (purposely) very poor test designed to snow the customer.
. The defendants filed separate answers. Dibert Valve simply denied liability. Crawford, by contrast, brought a counterclaim for $3 million arising from a press release that Potomac Valve issued at the time it filed its complaint. When the district court granted the defendants' motion for summary judgment, the counterclaim was voluntarily withdrawn. It is not now before us.
. The "common interest” privilege can be overcome only by proof of malice, and the district court held that "there has been no showing here of ... malice”.
. The district court did not deal explicitly with the August 26, 1985 letter from Dibert to Badische. It did find, however, that "the basic libelous document is the distributor information exchange”. We interpret this as a finding that the Badische letter was simply not defamatory. Because we view the letter as an effort to question the applicability of the tests, rather than the motives of McGarvey and Potomac Valve, we agree. See note 3.
. Section 18.2-499 of the Virginia Code imposes criminal liability upon:
(a) Any two or more persons who shall combine, associate, agree, mutually undertake or concert together for the purpose of willfully and maliciously injuring another in his reputation, trade, business or profession by any means whatever....
Civil liability and the right to treble damages and attorney’s fees are established in § 18.2-500.
. The only remaining exception to this near-perfect congruence is that § 8.01-45 reaches statements made only to the plaintiff, while defamation requires that the actionable statement be communicated to some third party.
Carwile,
. The district court appears to have been influenced by the fact that Crawford labeled the Distributor Information Exchange "Personal and Confidential". Ultimately, of course, it is the responsibility of the court to determine whether the "common interest" privilege applies in a given case.
Great Coastal Express,
. We have already ruled that the August 16, 1985 letter from Dibert to Badische was not defamatory. See note 7. None of the other statements attributed to Dibert constitutes defamation either. See Brief of Appellants at 13-14. We also agree with the district court's ruling that only the last sentence of the Distributor Information Exchange could possibly have defamed the plaintiffs. Indeed, the plaintiffs do not dispute the accuracy of the seven observations leading up to the final conclusion that the tests were "designed to snow the customer". Rather, they contend that the bulk of the article is irrelevant, and that the last sentence is a malicious non sequitur.
. Whether a statement constitutes fact or opinion is a question of law for the trial court to decide.
Mr. Chow of New York v. Ste. Jour Azur S.A.,
. Before
Gertz,
statements of opinion were often protected by the qualified common law privilege of "fair comment".
See
Restatement (Second) of Torts § 566 comment a (1977). The Supreme Court hinted as early as
New York Times v. Sullivan,
In Virginia, article 1, section 12 of the state constitution provides that "... any citizen may freely speak, write, and publish his sentiments on all subjects, being responsible for the abuse of that right ...". Although we base our decision in this case on the federal right to free speech, we note that the Virginia Supreme Court has recognized and applied the fact/opinion distinction under article 1, section 12 of the Virginia Constitution as well.
Chaves v. Johnson,
.
Cf. Ollman v. Evans,
.
Oilman,
In the
pre-Gertz
case of
Greenbelt Cooperative Publishing Assn. v. Bressler,
It is simply impossible to believe that a reader who reached the word "blackmail" in either article would not have understood exactly what was meant: it was Bresler’s public and wholly legal negotiating proposals that were being criticized. No reader could have thought that ... the newspaper articles ... were charging Bresler with the commission of a criminal offense.
id.
at 14,
.
Gertz,
.
See Bose Corp. v. Consumers Union,
.
See, e.g., Hotchner v. Castillo-Puche,
One important aspect of the right to express one’s opinion is protection of an author’s decision to "interject style” into his writing.
Mr. Chow of New York,
.
See, e.g., Ollman v. Evans,
. The plaintiff in NFCR complained about further statements by the defendant suggesting that the plaintiffs 1980 fund raising appeals had been "inaccurate and misleading”. Id. at 99. Depending upon their exact language and context, these statements were arguably also opinions, a possibility the Court chose not to address. Instead, the NFCR court relied upon the "public figure” status of the plaintiff and the absence of actual malice to affirm the dismissal of defamation claims based upon these additional statements. Id. at 101-02.
.
Id.
at 979-81. In other words, the district court must consider whether the defamatory terms have precise meaning,
see, e.g., Cianci v. New Times Publishing Co.,
.
Oilman,
.
Oilman,
.
Oilman,
. In
Mr. Chow of New York,
see note 18, the Second Circuit consolidated the four
Oilman
factors into three by combining the last two under the single heading of "context". Because restaurant reviews are "the well recognized home of opinion and comment”,
. We agree that a test hinging exclusively on whether an average reader would perceive the statement as an opinion,
see, e.g., Mashburn v. Collin,
.
Cf. Janklow v. Newsweek, Inc.,
.
The Complete Jefferson
385 (S. Padover ed. 1943),
quoted in Gertz v. Welch,
. The defendants’ argument on this point is often clouded by their reluctance to acknowledge that the Distributor Information Exchange criticizes the plaintiffs’ intentions. It is true, of course, that the statement ”[t]his was a (purposely) very poor test ..." also offers a judgment of the test itself. We agree with the defendants that this second judgment is too loosely worded to be verifiable. The plaintiffs’ main concern, however, is the imputation of bad faith contained in the words "purposely ... designed to snow the customer”.
. Counsel for the defendants have also argued that the statement is entirely true. This argument addresses an issue we need not reach in this opinion. In holding that the final sentence in the Distributor Information Exchange article is capable of truth or falsity we have given no weight to Dibert and Crawford’s defense of its truth. Men have often argued for and against improvable assertions; we find no logical correlation between the existence of these arguments and the provability of the underlying assertion.
But cf. Kelly v. Schmidberger,
. We discuss these three factors separately. Once the issue of verifiability has been isolated as a threshold concern, however, we find nothing objectionable in the "totality of the circumstances” approach advocated by Judge Bork.
Ollman v. Evans,
. The exact language used in a statement will often carry great importance.
See e.g., Oilman v. Evans,
. Although we base our affirmance upon the combined effect of the first, third, and fourth
Oilman
factors, we note that there is authority to support the district court’s decision to rely upon a single factor.
Edwards v. National Au
*1290
dubon Society,
. A "negative characterization” will be actionable if it is "coupled with a clear but false implication that the author is privy to facts ... that are unknown to the general reader".
Hotchner v. Castillo-Puche,
. Although only one number of the Distributor Information Exchange appears in the record, we note that the other major "article" for October 1985 is devoted to a discussion of why Crawford's “TFE Tape" is superior to other brands.
. The plaintiffs have based their case upon alleged injuries to their reputation within the business community. Even if members of the general public somehow learned of Crawford’s low opinion of the Bi-lok test, it is difficult to see how this knowledge could have damaged the plaintiffs. Thus the "reasonable reader” we envision is endowed with the business sophistication of a reasonable purchaser of pipe fittings.
