What is the process for collecting a securities arbitration award?
Securities arbitration awards are one way to protect investments from wrong-doing brokers or advisors. In North Carolina, there is a process for collecting the award. The first step is to file a claim with the Financial Industry Regulatory Authority (FINRA). FINRA is an independent, licensed regulatory body that oversees the securities industry in North Carolina. The claim must include all relevant documents and evidence. After the claim is filed, FINRA will assign an arbitrator who will make a decision on the dispute. The arbitrator will review the evidence and arguments of both parties and issue a decision, usually within 60 days. The decision will include an award for the claimant if the broker or advisor is found to be at fault. Once a decision is made, the broker or advisor must pay the amount of the award specified in the decision within 30 days or file a motion to review it. If there is no motion filed, the claim is considered resolved and the claimant can collect the award. The claimant can then collect the award by filing a FINRA arbitration award collection form with the court. This form shows that the award was obtained through arbitration and must be accompanied by a copy of the FINRA arbitration decision. After the court accepts the form, it will issue an order for the broker or advisor to pay the award amount. The claimant can then collect the award from the broker or advisor. If the broker or advisor does not pay the award as ordered by the court, the claimant can ask the court to enforce the order. The court may issue a judgment against the broker or advisor, or it may take additional steps to enforce the award.
Related FAQs
How do I prepare for a securities arbitration hearing?What types of sanctions can be imposed by a securities arbitration panel?
What is the purpose of a FINRA panel and how does it work?
What types of damages can be awarded in a securities arbitration case?
What should I consider before deciding to pursue a securities arbitration claim?
What is the effect of the statute of frauds on a securities arbitration award?
Are there any special rules for discovery in a securities arbitration case?
How does securities arbitration law protect investors?
Is there a timeline for enforcing a securities arbitration award?
Who has the burden of proof in a securities arbitration hearing?
Related Blog Posts
A Guide to Understanding Securities Arbitration Law - July 31, 2023Navigating Your Securities Arbitration Case: Step-by-Step Guide for Investors - August 7, 2023
Securities Arbitration: How to Make the Most of Your Claim - August 14, 2023
Securities Arbitration 101: Understanding the Basics of Investor Claims - August 21, 2023
Explaining the Role of Arbitrators in the Securities Arbitration Process - August 28, 2023