The legal battle between New York Attorney General Eliot Spitzer and Richard Grasso, the former head of the New York Stock Exchange, over Grasso's $187.5 million compensation package will be fought in state, not federal, court a federal judge ruled Thursday. Although the decision is a victory for Spitzer, lawyers say Spitzer faces significant legal hurdles in showing that Grasso violated New York's nonprofit laws and in determining the reasonability of Grasso's salary.
Spitzer Must Overcome Hurdles to Prove Grasso's Compensation Was Unreasonable
New York Law Journal
December 13, 2004