What is the process for collecting a securities arbitration award?

The process for collecting a securities arbitration award in North Dakota begins when a person or company files a claim with the Financial Industry Regulatory Authority (FINRA). The claim must be supported by evidence, and the claimant must provide all of the required information to FINRA for the claim to move forward. Once FINRA receives the claim, they will review the claim and assign it to an arbitration panel of three retired judges. This panel will hear the case and make a decision about the outcome of the dispute. The arbitration panel can decide to award the claimant money in an effort to resolve the dispute. Once the arbitration panel has decided the outcome, the award is then sent to a court for enforcement and collection. The court will then issue a judgment that requires the defendant to pay the award to the claimant. The defendant can pay the award voluntarily or they can be required to do so by the court. The court’s decision can also require the defendant to pay court costs and attorney’s fees. If the defendant does not pay the award, the court can garnish wages or other forms of salary from the defendant to collect the award. Once the award has been collected, the case is considered closed. The claimant can then use the award money to pay legal fees and recoup any monetary losses suffered as a result of the dispute.

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