LawFuel – The Law Newswire – In a decision yesterday that raises the legal hopes of Mr. Grasso, the former chairman of the New York Stock Exchange, a New York appeals court dismissed four of six legal claims brought against him over his obligations to return up to $100 million in compensation.
In a decision yesterday that raises the legal hopes of Mr. Grasso, the former chairman of the New York Stock Exchange, a New York appeals court dismissed four of six legal claims brought against him over his compensation. The ruling may make it more difficult for the state to get Mr. Grasso to return a large portion of his $190 million pay package for his eight years as the exchange chairman.
Among the claims dismissed was a crucial one brought by Eliot Spitzer, then the attorney general for New York, which argued that Mr. Grasso’s pay was unreasonable under New York State’s nonprofit law. Now, lawyers for the attorney general will have to prove in court that Mr. Grasso knew or should have known that his pay was unreasonable.
