Schuster

ORDER:

(1)GRANTING MOTION TO REMAND;

(2)REMANDING FIRST AMENDED COMPLAINT TO STATE COURT;

(3)DENYING PLAINTIFF’S REQUEST FOR ATTORNEYS’

FEES AND COSTS;

(4)DENYING DEFENDANTS’ REQUEST TO STAY DISCOVERY; and (3) DENYING MOTION TO DISMISS AS MOOT

Before the court is plaintiffs motion to remand and defendants’ motion to dismiss. Plaintiff argues that defendants improperly removed this action to federal court under the Securities Litigation Uniform Standards Act of 1998 (“SLUSA”). The court has read and considered the declaration of John W. Pillette in support of plaintiffs motion, defendants’ opposition brief and plaintiffs reply. Defendant Stephen P. Gardner joined in the opposition. The court determined that the issues presented in the motion to remand were appropriate for decision without oral argument and vacated the January 13, 2003 hearing date. For the reasons set forth below, the court concludes that the claims set forth in the original complaint, and as clarified in the first amended complaint, are not preempted by the SLUSA. Accordingly, the motion to remand is GRANTED and the first amended complaint is HEREBY REMANDED to the Superior Court of the State of California…