New York (May 5, 2004) – The New York Stock Exchange doesn’t want to pay former chairman and chief executive Richard Grasso the millions in severance spelled out in his old contract, but just in case, the exchange has set aside $36 million to cover itself.
In its annual report to seatholders, the NYSE revealed that it hoped to avoid paying its former CEO some $60 million in pay and severance that he believes he is due. Grasso, who resigned last year amid an uproar over his large compensation package, has already been paid approximately $140 million, and has no intention of returning any of it. Indeed, The New York Times reported that his lawyer hinted that Grasso might sue to get back the money due him.
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