Grasso sues McCall in ongoing pay saga
Ex-NYSE chairman Richard Grasso has asked an appeals court to reinstate his suit against former director H. Carl McCall for mishandling his pay.
Ex-New York Stock Exchange chairman Richard Grasso yesterday asked an appeals court to reinstate his suit against former director H. Carl McCall for mishandling his pay, according to reports.
At a hearing before the Appellate Division of the New York State Supreme Court’s First Department, Mr. Grasso’s lawyer, Gerson Zweifach, argued that Mr. McCall should be held responsible if Mr. Grasso breached his fiduciary duty by taking a $187.5 million pay package, the Associated Press said.
Mr. McCall led the compensation committee when Mr. Grasso’s employment contract was approved in 2003.
The appeal is the latest chapter in Mr. Grasso’s excessive pay saga: Amid controversy over his pay package, Mr. Grasso stepped down from his post in 2003.
Former New York attorney general Eliot Spitzer sued Mr. Grasso in 2004, charging that the chairman’s pay, which was accumulated between 1995 and 2003, violated state law.
Last month, in a 3-2 decision, the appellate court dismissed four out of six charges brought by Mr. Spitzer, who is now governor of New York.
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