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

In Kansas, securities arbitration panels are allowed to award attorney fees to the prevailing party in a securities arbitration case. However, there are some restrictions on the amount of attorney fees that can be awarded. Under the Kansas Uniform Arbitration Act, the securities arbitration panel cannot award attorney fees in excess of the amount that was reasonably incurred to bring or defend the case. The amount of fees awarded can also not be higher than the amount of damages awarded in the case. In addition, the arbitration panel can only award attorney fees on a claim-by-claim basis. This means that if multiple claims are made, the arbitration panel can only award attorney fees for the claim that was actually successful. Furthermore, the securities arbitration panel is not able to award attorney fees based solely upon the amount of time that the attorney spent on the case. Instead, the panel is only able to award attorney fees based upon the complexity of the case and only after considering the amount of time that the attorney devoted to the case. Ultimately, the securities arbitration panel in Kansas has the power to award attorney fees to the prevailing party in a securities arbitration case. However, the panel does have to consider the amount of attorney fees that were reasonably incurred to bring or defend the case and the amount of damages awarded in the case when making their decision.

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