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
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 : News Agencies

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