NYSE releases report on former head's compensation

[JURIST] The New York Stock Exchange [market website] released a previously confidential report Wednesday that provides details of former Chairman Richard Grasso's compensation package. New York Supreme Court Justice Charles Ramos ruled last week [opinion, PDF] that the so-called Webb report was not subject to attorney-client privilege, and the NYSE released the report to avoid "almost endless litigation with regard to its confidentiality." According to the Webb report, Grasso had too much control in setting his $187.5 million compensation package and took advantage of personal connections with the NYSE board of directors. New York Attorney General Eliot Spitzer is suing Grasso and the former chairman of the NYSE's compensation committee [complaint, PDF; JURIST report], seeking to void the compensation package. AP has more.

Previously on JURIST's Paper Chase...


4:40 PM ET - The Webb Report [PDF text] is now available via FindLaw.

 

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