SAN FRANCISCO — The U.S. Court of Appeals for the Ninth Circuit has taken a stand against compulsory arbitration. But it’s about the smallest stand a court could possibly take in the wake of recent U.S. Supreme Court decisions.

An en banc panel ruled Thursday that California’s Broughton/Cruz line of cases — which reserves claims seeking injunctive relief to the courts instead of private arbitration — remains good law. Maybe. And only if the injunction truly benefits the public — not, as in the example posed by the case, if it’s brought by 120 students trying to protect their credit ratings.