A few weeks after a judge ordered Richard Grasso to hand over an unspecified chunk of the pay he received as the head of the New York Stock Exchange, New York Attorney General Eliot Spitzer has come up with some actual figures. Mr. Spitzer, who is suing to recover much of the $187.5 million awarded to Mr. Grasso in 2003, asserted in a state court filing Thursday that Mr. Grasso should return $112.2 million.
Based on last month’s court decision, Mr. Spitzer’s office concluded that Mr. Grasso must repay $81.5 million in pension payments, $12.35 million in interest on two loans extended to him and $18.32 million of unvested funds paid to him from his supplemental executive savings plan.
Mr. Grasso, who has fervently defended his pay package as both legal and appropriate, is not likely to be getting out his checkbook anytime soon. He has already said he plans to appeal last month’s decision that called for him to return much of his deferred compensation. Meanwhile, the ruling only addressed part of the suit involving Mr. Grasso, leaving several other major issues still to be considered.
