Originally From:
Securities Arbitration: Practice and Forms - Looseleaf
Securities Arbitration: Practice and Forms - Electronic
CHAPTER 11 - Preview Page
Enforcing or Appealing an Arbitral Award
§ 11.01 Introduction
A valid arbitration award is the exclusive outcome of a determination of the rights and duties among the parties to an arbitration agreement. While significant to the prevailing party, the award itself is no more enforceable than the underlying contract between the parties. Thus, the prevailing party will likely want to have the award confirmed by a court in order to reinforce it. Additionally, even a losing party may want the award confirmed, since arbitration and award is recognized as an affirmative defense to any action arising from the same facts as the arbitration and will be given res judicata effect.1 Of course, rather than confirm the award, the losing party may want to challenge it by seeking to vacate, modify or correct the award. Thus, whether attempting to confirm or modify the award, there is a good chance that one of the parties will initiate a court proceeding regarding the award. This chapter discusses how parties should proceed once an arbitration award has been issued.
Chapter 11 - Enforcing or Appealing an Arbitral Award
§ 11.01 Introduction
§ 11.02 Forum and Venue Issues
[1] Federal Court
[2] State Courts
§ 11.03 Enforcing the Award
[1] Confirmation Procedures
[a] Confirmation Under the Federal Arbitration Act
[b] Confirmation in State Proceedings
[2] Failure to Honor Arbitration Award
[a] Effect of Award
[b] Enforcement Through SROs
§ 11.04 Challenging the Award
[1] Vacating the Award
[a] In General
[b] Fraud, Corruption, and Undue Means
[c] Evident Partiality or Corruption
[d] Procedural Misconduct and Other Prejudicial Misbehavior
[e] Manifest Disregard of the Law
[f] Ultra Vires
[g] Public Policy
[2] Modifying or Correcting the Award
[3] Procedure for Appealing the Award
[a] Time to Appeal
[b] Procedure Under the Federal Arbitration Act
[c] Procedure Under State Arbitration Acts
W. Reece Bader is a Partner in the Frankfurt office of Orrick and is a member of the Securities Litigation/Regulatory Group. Prior to moving to the Frankfurt office in 2008, Mr. Bader was located in the firm's Paris, Washington, D.C, Silicon Valley, New York and San Francisco offices. He has concentrated his practice in the area of securities and futures litigation since 1970. He has extensive experience, including substantial jury and non-jury trial work in broker-dealer litigation including securities, commodities and public finance. He also handles appellate matters and has represented the Securities Industry Association as amicus curiae in broker-dealer litigation. He has acted as lead defense counsel in complex class actions involving initial public offerings and derivative suits, both on behalf of underwriters, companies and officers and directors. He also regularly represents broker-dealers and individuals in both SEC and SRO enforcement actions. Mr. Bader has argued cases before the D.C., Second, Third, Ninth and Federal Circuits. He serves as an arbitrator for FINRA, NYSE and NFA, and the Center for Public Resources (Distinguished Neutrals Panel). He is a former member of the National Arbitration and Mediation Committee of the NASDR, past Co-Chair of the Securities Litigation Committee, and past Co-Chair of the Alternative Dispute Resolution Committee of the ABA’s Litigation Section. Mr. Bader is a frequent lecturer and panelist for such organizations as the Practising Law Institute, ALI/ABA, FINRA and the Securities Industry and Financial Markets Association.
