What is the difference between an arbitration hearing and a regular court hearing?
In Florida, securities arbitration is a form of dispute resolution which is separate from the legal system. This means that cases involving securities disputes are not heard in regular court, but rather by an independent arbitrator. The main difference between a securities arbitration hearing and a regular court hearing is in the procedures and the rules of evidence that are used. In securities arbitration, the regulations governing the case are simpler and the proceedings are more informal than in a regular court hearing. There is also no jury in an arbitration hearing and decisions are made by a single arbitrator. Moreover, in a securities arbitration hearing, the parties generally have less access to discovery methods and witnesses than they would in a court of law. This means that they have to rely more heavily on the evidence that they present to the arbitrator to arrive at a decision. Furthermore, in securities arbitration hearings the arbitrator makes decisions based on which evidence is the most persuasive rather than by applying the exact letter of the law to the case. Because securities arbitration is separate from the legal system, the decisions made by the arbitrator are final and cannot be appealed. This makes the process a faster and more cost-effective means of resolving securities disputes than bringing them to court.
Related FAQs
Is there a time limit for filing an appeal of a securities arbitration decision?What is the standard of proof used in securities arbitration?
Does a securities arbitration award have the same legal effect as a judgment in a court of law?
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Is there a difference between the standards of proof in arbitration and in court?
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