Ex-Stock Exchange Chief Told to Return Up to $100 Million - New York Times
Ex-Stock Exchange Chief Told to Return Up to $100 Million - New York Times: "October 20, 2006
A New York judge ruled yesterday that Richard A. Grasso, a former chairman of the New York Stock Exchange, would have to return as much as $100 million he received as part of a fiercely contested $139.5 million payout.
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Daniel Acker/Bloomberg News
Richard A. Grasso.
The judge, Justice Charles E. Ramos of State Supreme Court in Manhattan, said that Mr. Grasso did not disclose to his fellow directors on the board of the exchange the extent to which his soaring compensation had caused his pension and savings to balloon in size and that he violated his contract by withdrawing $87 million before his retirement. Interest and money from a separate retirement account would raise the total."
