The most common and most likely answer to this crossword clue is the 5 plus 9 letter word RANGE DEFENDERS
I've seen this crossword clue in Financial Times
R
A
N
G
E
D
E
F
E
N
D
E
R
S
Buddy explains!
The straight part
We know that "1937 B-movie" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case 1937 b-movie = range defenders.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.