The financial industry’s independent arbitrator has ruled against a Memphis children’s charity that sought to recoup millions of dollars in investment losses from its brokerage, Reuters reports.

The Urban Child Institute, which promotes wellness programs for children, claimed Morgan Keegan and Co. misrepresented a bond fund on which the charity lost $9.6-million in the 2008 financial crash.

Morgan Keegan paid a $200-million civil settlement in 2011 after being accused by federal and state regulators of inflating the value of mortgage-backed securities in its funds, but the Financial Industry Regulatory Authority has made widely varying rulings on the hundreds of cases brought against the firm by investors. As is its practice, the arbitration agency did not give its reasons for ruling against the Urban Child Institute.