New York's attorney general, Eliot Spitzer is mulling the launch of a lawsuit against former New York Stock Exchange (NYSE) chief executive and chairman, Richard Grasso, the Associated Press reported last week.
According to the AP, attempts by Spitzer's office to recover $120 million of Grasso's $187.5 million compensation package have been unsuccessful, with the latter arguing that the pay package was appropriate, and that he would fight to keep it.
Unnamed sources told the news service that whilst attempts to resolve the matter amicably will continue, it is becoming increasingly likely that the New York attorney general will file suit for the return of the money. However, this is reportedly unlikely to take place until next month, at the earliest.
Meanwhile, a spokesman for the former NYSE boss denied that there had been any discussion between Spitzer's office and Grasso, announcing that:
"There are no negotiations, nor have there been any negotiations. Mr Grasso's position was clearly reflected in Brendan Sullivan's Feb 26 letter to John Reed. Nothing has changed."
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