How would parties obtain a court order if they reach a settlement outside of the arbitration process that includes an expungement directive?
The parties may initiate an arbitration (and pay applicable fees) for the limited purpose of incorporating their settlement and requesting the affirmative findings specified in Rule 2080 in an award. As noted in response to Question No. 5, the arbitrators would need to follow the procedures set forth in Arbitration Code Rule 12805, or 13805, and review sufficient evidence upon which to base their Rule 2080 findings. In such cases, parties would still need to obtain a court order confirming the award directing expungement. Alternatively, if parties choose to commence litigation (in lieu of arbitration) to obtain expungement relief, they must name FINRA as a party.
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- How would parties obtain a court order if they reach a settlement outside of the arbitration process that includes an expungement directive?
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