NYSE board won't sue former CEO and chairman

Friday, February 6, 2004

NEW YORK -- The New York Stock Exchange said Thursday it will not sue its former CEO and chairman over his lavish pay package, but is cutting the salaries of its top officials. Current chief executive John Thain said the potential case against Richard Grasso is in the hands of the Securities and Exchange Commission and New York state regulators. Grasso was ousted from the exchange in September over a $187.5 million compensation package that outraged Wall Street and regulators.

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