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 Kansas. This type of appeal is referred to as an “appeal from arbitration.” According to Kansas law, any party to an arbitration may appeal the award to the district court for judicial review if they believe the arbitrator wrongly decided a disputed material issue of law. The reviewing court may then sustain, modify, or reverse the award. Generally, an appeal from arbitration is allowed if the award was based on an obvious mistake of law, such that the arbitrator did not understand the applicable law or chose to ignore it. A court may also reverse an award if the court finds that the arbitrator was biased, or that the arbitration process was so fundamentally unfair that a party’s rights were significantly prejudiced. It is important to note that appeals from arbitration are not common, and even if legal errors are found, the court may still affirm the award. This is because the appeal process allows the court to review the award but not to substitute its own judgment for that of the arbitrator. It is also important to note that appeals from arbitration must be filed within 10 days of the award being issued. Beyond that, the award is solely binding on the parties.
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