Yes, technically, but in reality, no. Under the law, a FINRA securities arbitration award can be appealed, but practically speaking, arbitration awards are rarely changed when appealed. Indeed, under the Federal Arbitration Act and the Florida Arbitration Act, a party has the legal right to file an action in court to vacate or modify an arbitration award. Arbitration awards, however, are very difficult to overturn or modify.
Indeed, federal and state courts give substantial deference to an arbitration panel’s award, notwithstanding that arbitration panels are not necessarily bound to follow the law and can even misapply it with impunity. Instead, an arbitration panel may enter an arbitration award that it believes results in a fair or equitable outcome.