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  5. 912 F.2d 1563 (1990)
 

C.B.S. EMP. FED. CR. UNION v. DONALDSON, ET AL.

No. 89-5601.

912 F.2d 1563 (1990)

C.B.S. EMPLOYEES FEDERAL CREDIT UNION, Plaintiff-Appellee, v. DONALDSON, LUFKIN AND JENRETTE SECURITIES CORPORATION; and Joseph Donnelly, Defendants-Appellants, and Southern Securities Investment Bankers, Inc.; F. Lin Lawrence; James E. McBride, Sr.; John Lowery and Robert (Bobby) Sullivan, Defendants.

United States Court of Appeals, Sixth Circuit.

Decided September 7, 1990.

Attorney(s) appearing for the Case

Bruce S. Kramer, Martin H. Aussenberg, F. Guthrie Castle, Jr. (argued), Borod & Kramer, Memphis, Tenn., for plaintiff-appellee.

Stephen D. Wakefield, Heiskell, Donelson, Bearman, Adams, Williams & Kirsch, Memphis, Tenn., Robert A. Zauzmer, Schnader, Harrison, Segal & Lewis, Philadelphia, Pa., Susan L. Hoffman (argued), Rondal D. Tobler, Tuttle & Taylor, Los Angeles, Cal., for defendants-appellants.

Before MARTIN and RYAN, Circuit Judges, and BROWN, Senior Circuit Judge.

RYAN, Circuit Judge.

Defendants Donaldson, Lufkin and Jenrette Securities Corporation (DLJ) and Joseph Donnelly, a senior vice president of DLJ and general counsel for DLJ's Pershing Division, appeal the denial of their motion for stay of this securities fraud action pending arbitration under the Federal Arbitration Act, 9 U.S.C. § 3. We affirm.

I.

C.B.S. Employees Federal Credit Union invested substantial funds in investments of various kinds...

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