What is the process for submitting an award to a court following a securities arbitration?

Once the securities arbitration process is complete, the arbitrator will make a decision on the dispute. This decision is called an award. The award sets out the terms of the settlement between the parties involved, as well as any remedies ordered by the arbitrator. For the award to be legally enforceable, it must be submitted to the court for approval. This is done by filing a petition with the court and serving the other parties with notice of the petition. The petition must include a copy of the award and any other information the court requires. After the petition is filed, the court will review the award and determine whether it is legally valid. If the court finds the award is valid, it will be "confirmed." This means the award is officially in effect and enforceable by law. If the court finds the award is not valid, then it will be "vacated," which means the parties must start the arbitration process over again. Once the court confirms the award, the parties may have to take further action to enforce the award. Depending on the specific remedies ordered, a party may need to take steps such as filing for a money judgment or seeking an injunction. In Tennessee, the securities arbitration process and petitioning the court for confirmation of an award are both managed by the Tennessee Department of Commerce and Insurance. They provide assistance with the arbitration process, including helping to prepare the petition to submit the award to the court.

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What is the process for submitting an award to a court following a securities arbitration?

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