A Decatur County judge has refused to terminate a temporary restraining order that blocks DeWaay Financial Network LLC clients from continuing with arbitration hearings in an attempt to collect millions of dollars they claim to have lost in investments recommended by the Clive broker dealer.

Judge John Lloyd said the restriction would remain in place until the class-action status of two lawsuits filed by disgruntled investors is settled. DeWaay is under fire for recommending private placement investments in Idaho and Texas companies that both went broke after securing several hundred million dollars in investments sold by broker dealers across the country.

It is estimated that DeWaay’s liability in those cases could exceed $500 million if claims against it are upheld. Lawyers for the broker dealer have said the firm would be forced to file for bankruptcy if the claims are upheld. Lloyd pointed out that investors who want to continue with arbitration cases before the Financial Industry Regulatory Authority want to step in front of other investors.

“The intervenors … dislike the thought of sharing their recovery with their slower compatriots. The balance to be struck here is between the early birds, who would have the whole worm, and the late risers, who would have the worm diced into small pieces,” Lloyd wrote.