New York's Attorney General, Eliot Spitzer announced on Tuesday that he is no longer prepared to negotiate an out-of-court settlement with former NYSE chairman, Richard Grasso over the size of the latter's controversial pay and severance package from the exchange.
Speaking earlier this week at a New York conference hosted by Money magazine, the Attorney General was asked to respond to reports which suggested that he was willing to accept a reduced settlement in order to bring the case to a close.
However, he explained that:
"I tried for months to settle that case and was met with a brick wall on the other side. I have expended as much time and energy and effort to persuade people on the other side what a reasonable response might have been. I'm tired of it, I'm sick of it. I'm ready for trial."
Last month, Mr Spitzer launched a lawsuit in an attempt to recover at least $100 million of the $200 million compensation paid to the former New York Stock Exchange boss.
Mr Grasso responded angrily to the move, recently announcing that he is prepared to "go to war" to clear his name, and revealing that he has instructed his lawyers to prepare a counter-suit.
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