Grasso Countersues NYSE for $50 Million

[maddezmom]

NEW YORK - Former New York Stock Exchange (news - web sites) chief Richard A. Grasso lashed back at the exchange Tuesday, suing it for at least $50 million, claiming breach of contract and defamation on the part of officials including current NYSE chairman John Reed.


Grasso spokesman Eric Starkman said Tuesday the breach-of-contract claims stem from disparaging comments made (AP) — against Grasso by a number of current NYSE executives, including Reed. Grasso is also seeking the dismissal of a lawsuit by state Attorney General Eliot Spitzer, who is seeking the return of the bulk of the $187.5 million compensation package that led to Grasso's resignation last September.


In the countersuit, a copy of which was obtained by The Associated Press, Grasso claims the NYSE breached its contract with him by witholding "tens of millions of dollars" in additional salary, and by "maliciously disparaging him through Mr. Reed's false and defamatory statements."


Grasso has repeatedly claimed that he is not seeking personal gain from any countersuit, and said in the suit that he would donate any damages received to charity.

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more: http://story.news.yahoo.com/news?tmpl=story&ncid=716&e=6&u=/ap/20040720/ap_on_bi_ge/nyse_grasso_suit

[shadu]

1. Put that Fkr in prison, where he belongs