Gonick v. Drexel Burnham Lambert, Inc.

MEMORANDUM AND ORDER

PATEL, District Judge.

Plaintiffs brought this action against their stock brokerage firm, Drexel Burn-ham Lambert Incorporated (“Drexel”), alleging violation of the antifraud provisions of the Securities Exchange Act of 1934, 15 U.S.C. § 78a et seq., and asserting several pendent state claims. The action is now before the court on defendant Drexel’s motion to compel arbitration, to stay these proceedings pending completion of arbitration and to impose sanctions. Having considered the arguments and supporting documents submitted by the parties, for the following reasons, the…