Are there any restrictions on the ability of a securities arbitration panel to award attorney fees?

In Oregon, securities arbitration is regulated by the Oregon Uniform Arbitration Act (OUAA). Under the OUAA, a securities arbitration panel may award attorney fees in cases where appropriate. However, there are a few restrictions on the panel’s ability to award attorney fees. First, the award of attorney fees must be based on a finding of actual misconduct or bad faith by the other party. Second, the attorney fees must be reasonable and only those fees that are necessary and directly related to the dispute can be awarded. Third, the amount of the attorney fee award may not exceed the amount of the award for the underlying dispute. Finally, if the amount of attorney fees awarded is more than the amount of the underlying award, then the attorney fees awarded to the prevailing party must be reduced so that both parties pay in proportion to the relative amounts awarded by the panel. This helps to ensure that a party does not spend more than they can recover in an award. In summary, securities arbitration panels in Oregon may award attorney fees in appropriate cases, but the award of those fees must be based on findings of actual misconduct or bad faith and the amount of attorney fees awarded must be reasonable and not in excess of the amount of the underlying award.

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Are there any restrictions on the ability of a securities arbitration panel to award attorney fees?

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