Is it possible to have a securities arbitration award overturned?
Yes, it is possible to have a securities arbitration award overturned in Texas. An arbitrator’s decision is subject to review in the court system. This means that either the claimant or the respondent may file a lawsuit in a state court to challenge the decision. When a party alleges that the decision was made fraudulently, arbitrarily, or without legal authority, they can seek review in court. If a party is dissatisfied with the amount of damages awarded, they may also request judicial review. If the court finds a substantial evidence that the decision was contrary to the law, it will be overturned. In Texas, the standard of review for a securities arbitration award is the same as that used in appeals of civil cases. This standard is typically referred to as the "arbitration standard of review." Under this standard, the court will only overturn the decision if the arbitration was not conducted properly or if the decision was contrary to the law. When a party contests an arbitration award, they will have to prove that the decision was clearly wrong in order to have it overturned. This is a difficult standard to meet, so it is important to ensure that the arbitration is conducted correctly, and that all parties have a full and fair opportunity to make their case.
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