Can a securities arbitration award be appealed on the basis of legal errors?
Yes, a securities arbitration award can be appealed on the basis of legal errors in California. Generally, an appellate court will only overturn an arbitration award if substantial legal error or injustice affected the outcome of the case. In the case of a securities arbitration award, the court will review the award to determine if the securities arbitration panel failed to follow applicable securities laws or applicable arbitration rules. Legal errors may include failure to correctly interpret the securities laws or arbitration rules, or failure to use the correct standard or procedure when providing an award. For example, a court may find an error if the securities arbitration award was based on an incorrect interpretation of the law or a violation of the requirements of the arbitration process. In addition, a securities arbitration award may be appealed on the basis of factual errors. Factual errors may include misstatements or omissions made by the securities arbitration panel in the course of issuing the award. The appellant must prove the factual errors were so significant that they impacted the outcome of the award in order for the court to overturn it. In summary, a securities arbitration award may be appealed on the basis of legal or factual errors. If the court finds that the errors had a significant enough impact on the outcome of the award, it may choose to overturn the award and enter a new one.
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