A significant portion of New York state’s case against Richard A. Grasso and his lucrative compensation package as the former chairman and CEO of the New York Stock Exchange was thrown out Wednesday by the Court of Appeals.

The court determined 7-0 that then-New York Attorney General Eliot Spitzer did not possess the authority to bring four claims against Grasso based on the attorney general’s common law power of acting as the protector of the rights of those who are unable to protect themselves.

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