Is a securities arbitration award subject to judicial review?
Yes, a securities arbitration award is subject to judicial review in Texas. Under the Texas Securities Act, a person who believes they have been harmed in a securities-related transaction can pursue a claim before an arbitration panel. After the panel has heard the case and issued a decision, either of the parties may file a motion to vacate the award in the appropriate court. This allows the court to review the findings of the arbitration panel to determine if they followed the appropriate process and reached a decision that was consistent with the applicable law. The court is empowered to only affirm an award if it is consistent with the evidence and applicable law. If the court finds that the award was an abuse of discretion or not supported by sufficient evidence, it can vacate all or portions of the decision. The court has discretion to modify the award if it finds that the parties did not receive fair treatment in the arbitration. Ultimately, this means that an award reached through a securities arbitration in Texas is not necessarily the final word. Either party can use the judicial review process to challenge the award by requesting that the court vacate or modify the decision.
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