New York (July 21, 2004) – After months as the subject of a lawsuit regarding his enormous pay package, former New York Stock Exchange chair Richard Grasso has launched a lawsuit of his own against the exchange, for breach of contract and defamation of character.

The suit, filed Tuesday, seeks $50 million from the NYSE, partly in compensation for salary not paid him from his controversial pay package, and partly for disparaging comments made about Grasso by exchange executives, including current chair John Reed. According to reports, Grasso’s spokesman accused the NYSE of, among other things, “maliciously disparaging [Grasso] through Mr. Reed’s false and defamatory statements.”

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