Ex-stock market chief to be sued

The former New York Stock Exchange (NYSE) chief is to be sued by the city's attorney general.

    Richard Grasso may have to pay millions back to NYSE

    Eliot Spitzer said his legal action would address the issue of Richard Grasso's $188.5 million pay package, which he described as "rigged" and "wholly inappropriate and illegal".

    Spitzer told a press conference he would be seeking the return of "at least" $100m from Grasso and aimed to have a judge rescind the pay deal and determine a "reasonable" level of compensation.

    The action is being taken under state not-for-profit laws.

    After a four-month inquiry, the attorney general added that the former NYSE chairman had misled and intimidated some exchange board members.

    Grasso stepped down from the stock exchange in September 2003 when a controversy surrounding his pay deal was at its height.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: Plundering Cambodia's forests

    Interactive: Plundering Cambodia's forests

    Meet the man on a mission to take down Cambodia's timber tycoons and expose a rampant illegal cross-border trade.

    The priceless racism of the Duke of Edinburgh

    The priceless racism of the Duke of Edinburgh

    Prince Philip has done the world an extraordinary service by exposing the racist hypocrisy of "Western civilisation".

    China will determine the future of Venezuela

    China will determine the future of Venezuela

    There are a number of reasons why Beijing continues to back Maduro's government despite suffering financial losses.