Can a securities arbitration award be overturned by a court?
Yes, a securities arbitration award can be overturned by a court in Washington. This typically happens if the court finds that the arbitration proceedings violated Washington law or public policy. In Washington, the process is called "vacatur", or the amending or elimination of an arbitration award. Generally, vacatur can be requested if the party seeking vacatur can show that the arbitration proceedings were conducted unfairly or that the award was not issued within the bounds of the underlying agreement. The process of overturning an arbitration award is a complicated one. First, the party requesting vacatur must file an appeal with the court, which will consider the reason provided and the language in the underlying arbitration agreement. Then, the court must decide if vacatur of the award is warranted. If so, they can either vacate the award completely or modify it in some way. It is important to note that the vacatur process can be expensive and time-consuming. Unless the parties have a very strong argument for overturning the award, it is usually more cost-effective to try to settle the dispute amicably and outside of the court system.
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