Neither. An arbitration award can be turned into a judgement without suing. You ask the court to turn it into a judgment by filing a Petition to Confirm it as a judgment. Then you could collect on it as you wold any judgment
In a mediation, the parties can set whatever ground rules they want, including time limits. In reality, mediations, even in complicated cases, do not last more than a day or two. If the parties sense that the case will not settle, parties may start walking away.
If your options are in the money, you may want to exercise them. If a stockbroker recommended the options without warning you about the companies financial condition, you may be able to sue. You'll need to talk to an attorney.
Gather all your documents and put them is a safe place. Call an attorney to go over your case. Any attorney you talk to may ask you to write up a narrative (your story) as to what happened. It may be a good idea to start on that.
If certain narrow conditions are met, an arbitration award can be vacated or corrected by a court. If a court refuses to vacate or correct the award, the court's decision can be appealed. Act fast, you generally have around 3 months to file and serve the correct papers.
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