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Article: New York Attorney General Sues Grasso over Pay from NYSE.
- Article from:
- Chicago Tribune (Chicago, IL)
- Article date:
- May 25, 2004
CopyrightCOPYRIGHT 2004 Chicago Tribune. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Andrew Countryman
May 25--After challenging financial bluebloods and mutual fund giants, New York Atty. Gen. Eliot Spitzer took on one of Wall Street's former heroes Monday, filing suit to try to force former New York Stock Exchange Chairman Richard Grasso to return more than $100 million of his breathtaking pay package.
Spitzer alleges the process used to set Grasso's now-infamous $187 million payout was rife with conflicts of interest and violated state law governing non-profit organizations because it was not "reasonable."
Other defendants in the suit are the exchange itself, which Spitzer said failed to live up to acceptable ...