What is the process for submitting an award to a court following a securities arbitration?
The process for submitting an award to a court after a securities arbitration in California is similar to that of other states. After the arbitration panel has rendered its decision, the losing party may elect to take the case to court. If this is the case, the arbitration award must be submitted to the court first. The party that brought the case to arbitration must file a petition to confirm the award in the superior court where the arbitration was held. Along with the petition, the party must submit a certified copy of the arbitration award, a verification of the award, and a notice of the petition. The other party has the opportunity to challenge the award by filing objections to the confirmation. If no objections are filed, the court will issue an order confirming the award. Once the award is confirmed, the court will issue a judgment for the amount awarded. This judgment will be enforceable against the parties and may be used to collect the money awarded by the arbitration panel. If a party does not follow through with the award, the court can impose sanctions such as fines and court costs as punishment. In summary, the process for submitting an award to a court after a securities arbitration in California begins with filing a petition to confirm the award. If no objections to the award are filed, the court will issue an order confirming the award and a judgment for the amount awarded. The judgment is then enforceable against the parties.
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