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NY court dismisses more Grasso pay dispute claims

1/07/2008 - 20:57

NEW YORK (Reuters) - Former New York Stock Exchange chief Richard Grasso won another big victory on Tuesday in his efforts to keep his $187.5 million pay package, with a court throwing out state officials' remaining claims against him.

The state Supreme Court's appellate division dismissed two legal claims against Grasso brought by the New York attorney general's office. The ruling follows a decision last week by the New York Court of Appeals dismissing other parts of the lawsuit.

The appellate division said on Tuesday that claims seeking the return of more than $100 million of Grasso's pay -- a case brought under state law governing not-for-profit companies -- could not be pursued because the exchange is now a publicly traded, for-profit company.

"We conclude that the attorney general's authority to prosecute the causes of action seeking that relief lapsed with the merger," the court said in its written ruling.

Grasso, who ran the exchange for eight years, was sued by state officials in 2004 after an uproar over the size of his pay package.

(Reporting by Bill Berkrot and Martha Graybow; editing by Jeffrey Benkoe and Andre Grenon)


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