Spitzer bills Grasso for $112 million
New York Atty. Gen. Eliot Spitzer on Thursday put a number on the compensation he wants returned by Richard Grasso, the former chairman of the New York Stock Exchange: $112 million.
Spitzer filed papers in New York state court in Manhattan as a follow-up to a judge’s Oct. 19 ruling against Grasso in the pay scandal that led to his ouster in 2003.
Justice Charles Ramos ruled that Grasso had breached his fiduciary duty to the stock exchange in accepting the compensation, but the judge left it to Spitzer to decide how much should be repaid.
In a seven-page submission to Ramos, Spitzer said Grasso should return an $81.5-million payment to his pension plan, $12.3 million in interest on loans and $18.3 million paid from an executive savings plan.
“We believe our calculations are solid and indisputable,” a Spitzer spokeswoman said.
The filing is part of Spitzer’s lawsuit challenging Grasso’s $190-million final pay package at the exchange. The suit has produced three appeals but has not gone to trial.
“We’ll be seeking relief from the appellate court,” said Gerson Zweifach, a lawyer for Grasso.
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