The Arkansas Court of Appeals approved the dismissal of complaint filed by securities investors because an arbitration award had resulted in other investors losing the same case. See Elsner v. Kalos Financial Services Inc., Ark. App., No. CA 12-403, 11/7/12, and http://judicialview.com/State-Cases/arkansas/Civil_Procedure/Elsner-v-Kalos-Financial-Services-Inc./10/566455.
The court refused to put much stock in the argument that an unconfirmed arbitration award had no meaning. Instead, the court relied upon the fact that the FINRA arbitrators made a finding, and, therefore, it could not be disturbed. Essentially, the court was saying the claimants were putting form over substance.
Yet, again, arbitration of securities disputes prevails when presented to a court, when will people learn?