New York appeals court dismisses most claims against ex-NYSE chairman

[JURIST] A New York appeals court Tuesday dismissed [text] four of six claims against former New York Stock Exchange chairman Richard Grasso [BBC profile; JURIST news archive], finding they were not within the New York attorney general's authority to bring. Grasso was forced out of the stock exchange in 2003 following a public outcry over his $187.5 million compensation package. For 3 years, Grasso fought [JURIST report] then-New York Attorney General Eliot Spitzer over Grasso's controversial $187.5 million dollar compensation arrangement. Spitzer contended [PDF complaint] that the amount was unreasonably high and violated state non-profit law. Grasso countered that his fellow directors were aware of his pay and approved it. New state Attorney General Andrew Cuomo [official profile] has vowed to continue pursuing the case.

In October, the New York State Supreme Court ordered [JURIST report] Grasso to pay back a major portion of the compensation paid to him while he held that position between 1995 and 2003. Reuters has more.



 

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