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October 20, 2006
Judge Orders Grasso to Return $100M in Compensation

A judge has ruled that Richard Grasso must return about $100 million the New York Stock Exchange (NYSE) paid him as part of a controversial compensation package, New York attorney general Eliot Spitzer announced.

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In 2003, Grasso was forced to resign as chairman of the NYSE over his compensation package, which included a lump-sum payment of $139.5 million.

New York State Supreme Court Justice Charles E. Ramos ruled that Grasso breached his fiduciary duty to the NYSE in accumulating and accepting pension benefits without disclosing the amount of those benefits to the board of directors, a spokesperson for Spitzer says.

The court directed Grasso to return the $80 million in pension benefits, some money that was advanced to him as part of his lump sum payment in 2003, and to pay interest on $36 million in interest-free loans that he took from the NYSE.

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