Multi- Millionaire Grasso at it again - Sues NYSE for another $50 Million

[dmcowen674]

7-20-2004 Grasso Countersues NYSE for $50 Million

NEW YORK - Former New York Stock Exchange (news - web sites) chief Richard A. Grasso lashed back at the exchange Tuesday, suing it for at least $50 million, claiming breach of contract and defamation on the part of current NYSE chairman John Reed.

In the countersuit, a copy of which was obtained by The Associated Press, Grasso claims the NYSE breached its contract with him by witholding "tens of millions of dollars" in additional salary, and by "maliciously disparaging him through Mr. Reed's false and defamatory statements."

Grasso is also seeking the dismissal of part of a lawsuit by state Attorney General Eliot Spitzer, who is seeking the return of the bulk of the $187.5 million compensation package that led to Grasso's resignation last September.

Grasso and Langone moved the case to U.S. District Court in June, claiming that the NYSE's status as a federally regulated entity mandated a federal trial. On Monday, Spitzer filed to have the case remanded back to a state court, since Grasso was accused of breaking the state's not-for-profit laws regarding fiduciary responsibility.

 

[Crimson]

Originally posted by: dmcowen674
7-20-2004 Grasso Countersues NYSE for $50 Million

NEW YORK - Former New York Stock Exchange (news - web sites) chief Richard A. Grasso lashed back at the exchange Tuesday, suing it for at least $50 million, claiming breach of contract and defamation on the part of current NYSE chairman John Reed.

In the countersuit, a copy of which was obtained by The Associated Press, Grasso claims the NYSE breached its contract with him by witholding "tens of millions of dollars" in additional salary, and by "maliciously disparaging him through Mr. Reed's false and defamatory statements."

Grasso is also seeking the dismissal of part of a lawsuit by state Attorney General Eliot Spitzer, who is seeking the return of the bulk of the $187.5 million compensation package that led to Grasso's resignation last September.

Grasso and Langone moved the case to U.S. District Court in June, claiming that the NYSE's status as a federally regulated entity mandated a federal trial. On Monday, Spitzer filed to have the case remanded back to a state court, since Grasso was accused of breaking the state's not-for-profit laws regarding fiduciary responsibility.

Why do you care what a private company pays ones of its workers, or why he is suing them? Are you a stock holder in the NYSE? If not, I don't see how the compensation package, or the lawsuits involving it mean ANYTHING to you or anyone else not an owner of the company.

 

[Dissipate]

Originally posted by: Crimson

Originally posted by: dmcowen674
7-20-2004 Grasso Countersues NYSE for $50 Million

NEW YORK - Former New York Stock Exchange (news - web sites) chief Richard A. Grasso lashed back at the exchange Tuesday, suing it for at least $50 million, claiming breach of contract and defamation on the part of current NYSE chairman John Reed.

In the countersuit, a copy of which was obtained by The Associated Press, Grasso claims the NYSE breached its contract with him by witholding "tens of millions of dollars" in additional salary, and by "maliciously disparaging him through Mr. Reed's false and defamatory statements."

Grasso is also seeking the dismissal of part of a lawsuit by state Attorney General Eliot Spitzer, who is seeking the return of the bulk of the $187.5 million compensation package that led to Grasso's resignation last September.

Grasso and Langone moved the case to U.S. District Court in June, claiming that the NYSE's status as a federally regulated entity mandated a federal trial. On Monday, Spitzer filed to have the case remanded back to a state court, since Grasso was accused of breaking the state's not-for-profit laws regarding fiduciary responsibility.

Why do you care what a private company pays ones of its workers, or why he is suing them? Are you a stock holder in the NYSE? If not, I don't see how the compensation package, or the lawsuits involving it mean ANYTHING to you or anyone else not an owner of the company.

It's simple. He is just jealous because no one invited him to join the "Rich Boys Club."

 

[dmcowen674]

Originally posted by: Dissipate

Originally posted by: Crimson

Originally posted by: dmcowen674
7-20-2004 Grasso Countersues NYSE for $50 Million

NEW YORK - Former New York Stock Exchange (news - web sites) chief Richard A. Grasso lashed back at the exchange Tuesday, suing it for at least $50 million, claiming breach of contract and defamation on the part of current NYSE chairman John Reed.

In the countersuit, a copy of which was obtained by The Associated Press, Grasso claims the NYSE breached its contract with him by witholding "tens of millions of dollars" in additional salary, and by "maliciously disparaging him through Mr. Reed's false and defamatory statements."

Grasso is also seeking the dismissal of part of a lawsuit by state Attorney General Eliot Spitzer, who is seeking the return of the bulk of the $187.5 million compensation package that led to Grasso's resignation last September.

Grasso and Langone moved the case to U.S. District Court in June, claiming that the NYSE's status as a federally regulated entity mandated a federal trial. On Monday, Spitzer filed to have the case remanded back to a state court, since Grasso was accused of breaking the state's not-for-profit laws regarding fiduciary responsibility.

Why do you care what a private company pays ones of its workers, or why he is suing them? Are you a stock holder in the NYSE? If not, I don't see how the compensation package, or the lawsuits involving it mean ANYTHING to you or anyone else not an owner of the company.

It's simple. He is just jealous because no one invited him to join the "Rich Boys Club."

Not bad, everyone has their price, right :thumbsup:

 

[jpeyton]

I hope Grasso sues the sh1t out of the NYSE and wins.

The fact is, the board of the NYSE approved his pay, then flip-flopped when the heat came on and denied everything to save their own asses. They called Grasso a liar in the media, which was an unneeded attack on a man's dignity.

I can't wait until this thing goes to court, and Spitzer will flounder when he realizes he can't prove that his bullsh1t flip-floppers didn't approve Grasso's pay.

 

[Michael]

Dave - the price is years of hard work. Plus a little luck.

I like what the NY AG has been doing for the most part, but he should be going after the NYSE board, not Grasso.

Michael