Thompson Reuter is reporting that a New York State judge won't enforce a Finra Arbitration Award, stating that only a Federal Court can do that. (TR) Here's your money quote:
The judge said the arbitration award in this case did not "expressly state which of the causes of action were sustained in finding" for Copperill, a customer of Westrock and Sloane. However, he said Copperill's claims, including unsuitable investing and breach of fiduciary duty, were Securities Exchange Act violations.
"Since the arbitration award is based upon liability created by the Securities Exchange Act, the court is without subject-matter jurisdiction to enforce the award," Bucaria wrote.
I'm not a lawyer, but it seems to me that New York State has its own set of securities laws.