Merrill Lynch, Pierce, Fenner & Smith, Inc. And Patrick Palella v. Peter H. Lauer and Therese A. Lauer

CUMMINGS, Circuit Judge.

This appeal concerns an arbitration currently pending in Florida and a court proceeding in the Northern District of Illinois that dramatically influenced the arbitration’s potential course. Responding to a motion from plaintiffs Merrill Lynch, Pierce, Fenner & Smith (“Merrill Lynch”) and account broker Patrick Palella (“Palella”) (plaintiffs referred to collectively as “Merrill Lynch”), the district judge entered an order compelling the plaintiffs in the underlying Florida arbitration, Peter and Therese Lauer, to eliminate certain of their claims against Merrill Lynch…