How should parties proceed if they reach a settlement after the arbitrators issue a decision on the merits?
Under FINRA Arbitration Code Rule 12905, or 13905, parties may jointly request that arbitrators reopen cases to make substantive changes to an arbitration award, provided the request is made within 10 days after service of an award or notice of a case closing. Arbitrators have discretion to grant or deny any such request. State laws also may prohibit or restrict a party’s ability to reopen a closed arbitration case. FINRA will not provide legal advice on applicable state law.
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- How should parties proceed if they reach a settlement after the arbitrators issue a decision on the merits?
