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LESTER v. BASNER

No. 86 Civ. 3376 (GLG).

676 F.Supp. 481 (1987)

Jack M. LESTER, Plaintiff, v. Malcolm BASNER, Woodmere Securities, and Bear Stearns & Co., Defendants.

United States District Court, S.D. New York.

November 16, 1987.

Attorney(s) appearing for the Case

Max Folkenflik, New York City, for plaintiff.

Hartman & Craven, New York City (Michael Golden, of counsel), for defendants.

MEMORANDUM DECISION

GOETTEL, District Judge.

In this action alleging securities fraud under Rule 10b-5 of the Securities Exchange Act of 1934, defendants move for a stay of trial pending arbitration. For the following reasons, the motion is granted as to defendant Bear Stearns & Co., but is denied as to defendants Malcolm Basner and Woodmere Securities, Inc.

I. FACTS

In 1975 the plaintiff, Jack M. Lester ("Lester"), opened securities...

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