A New York judge ruled Wednesday that Attorney General Eliot Spitzer has the authority to challenge the allegedly unreasonable compensation of former New York Stock Exchange Chairman Richard A. Grasso on behalf of an investing public that would otherwise lack standing to sue over the claimed lack of oversight at the exchange.
Spitzer has charged that Grasso and his ally on the NYSE’s compensation committee, Kenneth G. Langone, put together an almost $200 million pay package for Grasso in violation of the state’s non-profit law, which requires that executive compensation be reasonable.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]