Post by jannikki on Aug 26, 2006 8:45:08 GMT -4
Spitzer urges rejecting Grasso bid to delay trial
By Jonathan Stempel and Megan Davies
NEW YORK, Aug 24 (Reuters) - New York Attorney General Eliot Spitzer has asked a state appeals court not to grant former New York Stock Exchange chairman Richard Grasso's bid to delay a trial over his $187.5 million pay package, according to documents obtained by Reuters on Thursday.
Spitzer was responding to Grasso's appeal of a decision by State Supreme Court Justice Charles Ramos to hold a nonjury trial on whether the compensation was reasonable under state nonprofit law, before considering other claims, according to the documents. Ramos also pushed back the trial's start date to Oct. 16 from Sept. 5.
Grasso asked the appeals court to delay the bench trial while he appeals, and also pending the resolution of his earlier appeal to dismiss Spitzer's excessive pay claim, according to the documents, dated Aug. 23.
Lawyers for Grasso could not immediately be reached for comment.
The appeals court was not available to verify whether the documents had been filed with court.
Deputy Attorney General Avi Schick wrote that Grasso "is not likely to succeed on the merits of either appeal and will not suffer irreparable injury" if the trial goes forth as scheduled.
Grasso "will not suffer undue prejudice" if a stay is denied, he wrote. "At worst, he faces the possibility of litigating a bench trial that ultimately turns out to have been unnecessary."
Grasso led the Big Board's rapid expansion during the 1990s bull market, but was forced out from the exchange in Sept. 2003 amid a public furor over his compensation.
In a 2004 lawsuit, Spitzer demanded that Grasso return at least $100 million of the compensation to the exchange, which has since gone public and is now known as NYSE Group Inc. (NYX.N: Quote, Profile, Research).
© Reuters 2006. All Rights Reserved.
yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20060825:MTFH79293_2006-08-25_01-23-55_N242229&type=comktNews&rpc=44
By Jonathan Stempel and Megan Davies
NEW YORK, Aug 24 (Reuters) - New York Attorney General Eliot Spitzer has asked a state appeals court not to grant former New York Stock Exchange chairman Richard Grasso's bid to delay a trial over his $187.5 million pay package, according to documents obtained by Reuters on Thursday.
Spitzer was responding to Grasso's appeal of a decision by State Supreme Court Justice Charles Ramos to hold a nonjury trial on whether the compensation was reasonable under state nonprofit law, before considering other claims, according to the documents. Ramos also pushed back the trial's start date to Oct. 16 from Sept. 5.
Grasso asked the appeals court to delay the bench trial while he appeals, and also pending the resolution of his earlier appeal to dismiss Spitzer's excessive pay claim, according to the documents, dated Aug. 23.
Lawyers for Grasso could not immediately be reached for comment.
The appeals court was not available to verify whether the documents had been filed with court.
Deputy Attorney General Avi Schick wrote that Grasso "is not likely to succeed on the merits of either appeal and will not suffer irreparable injury" if the trial goes forth as scheduled.
Grasso "will not suffer undue prejudice" if a stay is denied, he wrote. "At worst, he faces the possibility of litigating a bench trial that ultimately turns out to have been unnecessary."
Grasso led the Big Board's rapid expansion during the 1990s bull market, but was forced out from the exchange in Sept. 2003 amid a public furor over his compensation.
In a 2004 lawsuit, Spitzer demanded that Grasso return at least $100 million of the compensation to the exchange, which has since gone public and is now known as NYSE Group Inc. (NYX.N: Quote, Profile, Research).
© Reuters 2006. All Rights Reserved.
yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20060825:MTFH79293_2006-08-25_01-23-55_N242229&type=comktNews&rpc=44