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Judge blocks $13 million arbitration against SunTrust

SunTrust Banks Inc won a court order on Friday preventing a Connecticut-based hedge fund from moving forward with a $13 million arbitration over mortgage-backed securities.The ruling by District Judge Naomi Reice Buchwald in Manhattan blocks Turnberry Capital Management LP from pursuing a securities arbitration before the Financial Industry Regulatory Authority.The decision marks the latest in a string of lawsuits filed by banks disputing the ability of investors with big damage claims to have their cases heard by FINRA, a Wall Street industry-funded group. Some plaintiffs who claim large damages prefer FINRA as a venue rather than courts, in part because the arbitration process is considered quicker.SunTrust filed the lawsuit in February, three months after Turnberry brought its arbitration claim in an effort to recover $13 million plus interest it lost on a 2007 investment in mortgage-backed securities.The securities were issued by SunTrust. Turnberry, which ceased business in 2008, ...

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