Plaintiffs lawyers at Scott + Scott finally hit a snag this week in a series of lawsuits against the trustees for hundreds of millions of dollars in mortgage-backed securities.

The high court ostensibly addressed only f-cubed securities claims in its landmark Morrison v. NAB opinion. But defendants--and judges--are finding the ruling extends beyond those limits.

Does the Supreme Court's ruling in Concepcion mean that the business world's love affair with arbitration should trump all other considerations, even basic notions of fairness? I sure hope not. The justices may have a chance to revisit the issue, given a recent and public split in the Second Circuit in a case involving American Express.