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

    'We scoured for days without sleeping, just clothes on our backs'

    'We scoured for days without sleeping, just clothes on our backs'

    The Philippines’ Typhoon Haiyan was the strongest storm ever to make landfall. Five years on, we revisit this story.

    How Moscow lost Riyadh in 1938

    How Moscow lost Riyadh in 1938

    Russian-Saudi relations could be very different today, if Stalin hadn't killed the Soviet ambassador to Saudi Arabia.

    Unification: Saladin and the Fall of Jerusalem

    Unification: Saladin and the Fall of Jerusalem

    We explore how Salah Ed-Din unified the Muslim states and recaptured the holy city of Jerusalem from the crusaders.