Grasso Must Return About $100M To NYSE

Law360, New York (October 19, 2006, 12:00 AM EDT) -- The New York Stock Exchange stands to get about $100 million back from former chairman Richard Grasso, following a New York State Supreme Court judge’s ruling that Grasso breached his fiduciary duty by failing to disclose pension benefits to the stock exchange’s board of directors.

In a 72-page ruling filed with the court on Thursday, Judge Charles Ramos granted partial summary judgment to New York State Attorney General Eliot Spitzer, and called Grasso’s argument that he was ignorant of the value of his SERP, or Supplemental...
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