Former Head Of NY Stock Exchange Ordered To Repay $80 Million...

Landon Thomas October 19, 2006 09:16 PM

In a damaging blow to efforts by Richard A. Grasso to keep a $139.5 million payout, a judge ruled today that Mr. Grasso, the former chairman of the New York Stock Exchange, would have to return a significant portion of his compensation package.

In a stinging 72-page decision, the judge, Justice Charles E. Ramos of New York State Supreme Court in Manhattan, said Mr. Grasso had failed to disclose to his fellow directors the extent to which his soaring compensation had caused his pension and savings to balloon to more than $100 million.

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