Are there any time limits on filing a motion to vacate a securities arbitration award?

Yes, there are time limits for filing a motion to vacate a securities arbitration award in California. Generally, a motion to vacate must be made within one year from the date on which the award was rendered. Under the California Code of Civil Procedure, Section 1285.4, a motion to vacate an arbitration award must be filed within one year from the date of the award. This time limit is based on the principle that all arbitration awards must be concluded within a reasonable period of time so that justice can be served. There are some exceptions to this rule, however. If the arbitrator has been found to have been biased or if new evidence has been discovered that could’ve possibly changed the outcome of the arbitration, an individual may be able to get an extension of the time limit. The purpose of the motion to vacate is to challenge the validity of an award. This could be done if either party believes that the arbitrator exceeded their powers in the decision-making process, if the award was obtained through fraud, collusion, or corruption, or if the award is against public policy. The filing of a motion to vacate is a serious step that should only be taken after careful consideration. It is advised to seek legal counsel if you believe that a motion to vacate may be necessary in your case.

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