Can an arbitration award be vacated or appealed?
In a word, yes. Whether an arbitration is governed by the Federal Arbitration Act (which covers contracts involving interstate commerce) or the Revised Arbitration Code (which covers only intrastate matters), a party can petition a court to vacate the arbitration award.
Code provisions governing the procedure for vacating an arbitration award, however, are designed to discourage parties from challenging the award. For instance, only a handful of grounds exist for vacating an arbitration award:the award was procured by fraud, corruption or other undue means; the arbitrator displayed “evident partiality” to one side, was corrupt, or committed misconduct; the arbitrator refused to continue the hearing upon showing of sufficient cause; the arbitrator exceeded his or her powers; the parties never agreed to arbitrate and maintained their objection throughout the proceeding; and the arbitration was conducted without proper notice of the hearing.
Under federal law, four grounds exist for vacating an arbitration award, as set forth in 9 U.S.C. § 10(a):the award was procured through corruption, fraud, or undue means; the arbitrator displayed “evident partiality” or corruption; the arbitrators are guilty of misconduct for refusing to postpone the final hearing; or the arbitrators exceeded their powers. While certain courts previously concluded that additional grounds exist for vacating an award, in 2008, the U.S. Supreme Court held in Hall Street Associates, L.L.C. v. Mattel,[1] that these statutory grounds were exclusive, and no other justification for vacating an arbitration award exists.
Just the sense, smell or opportunity to appeal means there is a delay. You peoiple really really have no clue what you are posting here because you are traders looking to make a profit, which is OK, but laws, rules and procedures take precedent over your desire to make money off of a trade.
