New York (May 27, 2004) -- Former New York Stock Exchange chairman and chief executive Richard Grasso pledged to sue his former employer for money that he says is still owed to him and for damages and legal fees, and said that he would give any winnings to charity.
On the editorial page of The Wall Street Journal on Tuesday, Grasso vehemently defended the pay package that ultimately led to his ouster from the Big Board last September, and railed against the lawsuit filed against him Monday by New York Attorney General Eliot Spitzer, which seeks to recover part of the money he was paid. The lawsuit against Grasso, the Big Board and Kenneth Langone, the exchange's former compensation committee chairman, alleges that Grasso deliberately misled the NYSE and its board.
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