NY Court: Drop Remaining Grasso Claims
Tuesday, July 1st, 2008
ALBANY, N.Y. - A midlevel New York appeals court has ordered the remaining claims dismissed against former New York Stock Exchange Chairman Richard Grasso’s $187.5 million compensation package.
The Appellate Division of State Supreme Court said Tuesday the state attorney general’s authority to pursue the claims lapsed when the NYSE changed from a nonprofit to a for-profit corporation. Last week, the Court of Appeals - New York’s top court - had dismissed the four other claims against Grasso’s 2003 compensation.
A spokesman for state Attorney General Andrew Cuomo says his office is studying Tuesday’s decision.
Source — Forbes