FINRA Needn’t Explain Ameriprise Arbitration Decision: 1st Cir.

Two married former professors couldn’t convince the First Circuit Tuesday to revive their lawsuit alleging the Financial Industry Regulatory Authority wrongly dismissed their claims in a dispute with Ameriprise Financial Services Inc. without explanation.

Giovanni and Mariantonia Lanza sued FINRA following a dispute with Ameriprise broker Richard Ewing, who they said mismanaged their brokerage accounts. They settled their case against Ewing, but the claims against Ameriprise were sent to FINRA arbitration, where they were dismissed.

The Lanzas sued FINRA, saying the arbitrators’ failure to explain the decision was a breach of the implied covenant of good faith and fair dealing ...