Former New York Stock Exchange Chairman Richard A. Grasso's struggle to retain his $185 million pay package will test the dimensions of the state attorney general's power of parens patriae when the case is heard in the new session of New York state's high court. The solicitor general will argue that the AG's parens patriae powers enable the office to go after Grasso's compensation package as "unjust enrichment." The public outcry that ensued over Grasso's package led to his forced resignation in 2003.
May 28, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Former New York Stock Exchange Chairman Richard A. Grasso’s struggle to retain his $185 million pay package will test the dimensions of the state attorney general’s power of parens patriae when the case is heard June 3 in the new session of the Court of Appeals.
The Grasso case is one of 19 cases the court will hear starting today.
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