Berthel Fisher & Co. Financial Services v. Larmon

MELLOY, Circuit Judge.

This case comes to us on appeal from the district court’s 1 grant of the plaintiffs’ motion for a preliminary injunction and denial of the defendants’ motion to compel arbitration. Because we hold that the district court correctly concluded that the defendants are not the plaintiffs’ “customers” under the Financial Industry Regulatory Authority’s (FINRA) Code of Arbitration Procedure for Customer Disputes (FINRA Code) we affirm the judgment of the district court.

I

This case arises out of securities 2 issued by a group of Minnesota limited liability companies…