Are there any limits on what kind of awards can be given in a securities arbitration case?

Yes, there are limits on what kind of awards can be given in a securities arbitration case in Virginia. Generally, the maximum award amount for an individual claim is $500,000 or the amount of actual damages sought, whichever is greater. Additionally, in a case involving multiple claimants, the award amount for all claims cannot exceed $10 million. The Virginia State Corporation Commission also determines the individual claims that may be submitted in arbitration. Generally, only claims involving cash, securities, or other property can be submitted for arbitration. Claims for punitive damages or other non-pecuniary damages are generally not allowed in securities arbitration cases. The type of remedy or award that can be given in a securities arbitration case depends on the underlying factual allegations. For example, claims involving lost profits, damages, or fees resulting from an alleged breach of contract may result in an award of money damages, interest, or other equitable relief. On the other hand, if a broker-dealer is found to have committed fraud, an award of punitive damages may be given. For claims involving the unauthorized use of funds, investors may be awarded with the return of the wrongfully taken funds. Ultimately, the types of awards that can be given in a securities arbitration case in Virginia are determined based on the individual facts of the case and the applicable laws.

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