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Article: Grasso Breached Duty to NYSE, N.Y. Judge Rules
- Article from:
- The Washington Post
- Article date:
- October 20, 2006
- Author:
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Copyright informationThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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A judge ruled yesterday that former New York Stock Exchange chief
Dick Grasso breached his duty by failing to disclose his ballooning
retirement fund in the years before his resignation, a decision that
could force Grasso to hand over as much as $100 million he already
received and relinquish his stake to $48 million more, prosecutors
said.
In what New York State Supreme Court Justice Charles E. Ramos
called a "shocking" abdication of responsibility for an executive,
Grasso thwarted the stock exchange's board from fulfilling its
obligations to oversee his pay and benefits before he left the
nation's largest and most prestigious market three years ago.
Ramos's sharply worded order, which ...
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