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If you appeal a NASD Arbitration award, what court or ...

Sent to Legal Experts November 05, 2007 11:08 p.m.

If you appeal a NASD Arbitration award, what court or courts have jurisdiction?

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Plano, Texas

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November 06, 2007 1:08 a.m. (2 hours and 0 minutes later)

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NASD Arbitration is binding arbitration. Tht means as part of the arbitration process, you agree that the decision is not appealable.

If you have a basis for a challenge based on some kind of fraud or other reason which would require more than just a disagreement with the result, you would not appeal. Since an aribirtation award by the National Association of Securities Dealers ("NASD") is not appealable, you would file a motion to vacate the arbitration award with the U.S. District Court in the District where the claim accrued.

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Lawmoe -- Lawyer (JD) -- 98% Positive Feedback on 2107 Legal Accepts
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Reply to Lawmoe
Sent November 06, 2007 11:41 a.m. (10 hours and 32 minutes later)

The answer that I am seeking is, do I enter a Motion to Vacate in State or Federal court. Motions have been entered in both. What determines the jurisdiction of State or Federal court?

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November 06, 2007 12:02 p.m. (21 minutes and 25 seconds later)

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Lawmoe -- Lawyer (JD) -- 98% Positive Feedback on 2107 Legal Accepts
Lawyer with 16 years of litigation experience in state and federal court systems.

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Sent November 06, 2007 12:05 p.m. (3 minutes and 6 seconds later)

In 2004, out of 182 cases for NASD Arbitration Award Revocation, 120 were in State Court. How do you expalin that

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November 06, 2007 12:25 p.m. (19 minutes and 35 seconds later)

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I could not without reviewing each case individually. I would image it is based on the state court reviewing the agreement to arbitrate rather than the underlying issue. I can find numerous examples of federal court action as well.

http://64.233.167.104/search?q=cache:fQNHJMa5ZEYJ:vls.law.vill.edu/locator/3d/March2004/033093np.pdf+NASD+Arbitration+lawsuit+U.S+District+Court&hl=en&ct=clnk&cd=3&gl=us

See also Sahara Gaming Corp. v. Miller. Claim for state and federal securities fraud claims in excess of $20 million asserted against officers and directors of Mississippi gaming corporation in the U.S. District Court for the District of Nevada

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Edited by Lawmoe on November 6 2007 at 12:25pm

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Lawmoe -- Lawyer (JD) -- 98% Positive Feedback on 2107 Legal Accepts
Lawyer with 16 years of litigation experience in state and federal court systems.

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