Wolf
10-20-2006, 02:11 PM
Former New York Stock Exchange Chairman and Chief Executive Richard Grasso must repay at least tens of millions from his $187.5 million compensation package, a state judge ruled Thursday.
The impact of the decision was not immediately clear, but the office of New York Attorney General Eliot Spitzer said in a statement that the judge has ordered Grasso to give back about $100 million.
In his 73-page ruling, New York State Supreme Court Justice Charles Ramos sided with Spitzer's argument that Grasso breached his fiduciary duty to the NYSE, by accepting big retirement and savings packages and not disclosing them properly to the directors of the Big Board.
At issue in the case is the supplemental executive-retirement plan, or SERP, that offered Big Board executives income when they retired. Another offering, known as the supplemental executive savings plan, gave executives the chance to defer parts of their salary to be paid out when they left the exchange.
http://www.marketwatch.com/news/story/Story.aspx?guid=%7B410A5589%2DA81B%2D4A7D%2DB47E%2 D1EA502975AEA%7D&siteid=
The impact of the decision was not immediately clear, but the office of New York Attorney General Eliot Spitzer said in a statement that the judge has ordered Grasso to give back about $100 million.
In his 73-page ruling, New York State Supreme Court Justice Charles Ramos sided with Spitzer's argument that Grasso breached his fiduciary duty to the NYSE, by accepting big retirement and savings packages and not disclosing them properly to the directors of the Big Board.
At issue in the case is the supplemental executive-retirement plan, or SERP, that offered Big Board executives income when they retired. Another offering, known as the supplemental executive savings plan, gave executives the chance to defer parts of their salary to be paid out when they left the exchange.
http://www.marketwatch.com/news/story/Story.aspx?guid=%7B410A5589%2DA81B%2D4A7D%2DB47E%2 D1EA502975AEA%7D&siteid=