Last week the New York State Appeals Court dismissed most of the charges Eliot Spitzer leveled at former NYSE head Dick Grasso for his excessive pay package. Today, they eliminated the last two.
According to Ken Langone, who was also sued by Spitzer, Grasso and the NYSE board spent $70 million defending themselves (the cost of which was covered by insurance). “The previous attorney general’s waste of taxpayer resources on this matter ranks as one of the most misguided and irresponsible efforts in the history of that office,” Langone said.
Bloomberg: Richard Grasso, the former New York Stock Exchange chairman, who became a poster child for Wall Street excess, won a court ruling that allows him to keep his entire $190 million pay package.
A state appeals court in Manhattan today dismissed the remaining claims against him for excessive pay, and Attorney General Andrew Cuomo announced he won’t appeal further.
“We have reviewed the court’s opinion and determined that an appeal would not be warranted,” Cuomo spokesman Alex Detrick said. “Thus, for all intents and purposes, the Grasso case is over.”
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