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NEW YORK v. GRASSO

No. 04 Civ. 4565(GEL).

350 F.Supp.2d 498 (2004)

People of the State of NEW YORK, Plaintiff, v. Richard A. GRASSO, Kenneth G. Langone, and The New York Stock Exchange, Inc., Defendants.

United States District Court, S.D. New York.

December 9, 2004.

Attorney(s) appearing for the Case

Eliot Spitzer, Attorney General of the State of New York, by Avi Schick, Deputy Counsel to the Attorney General of the State of New York, (David Axinn, Assistant Solicitor General of the State of New York, of counsel) for Plaintiff.

Brendan V. Sullivan, Jr. (pro hac pending), Gerson A. Zweifach, Victoria Radd Rollins (pro hac pending), Steven M. Farina (pro hac pending), Williams & Connolly LLP, Washington, DC for Defendant Richard A. Grasso.

Gary P. Naftalis, Ronald S. Greenberg, Timothy P. Harkness, Kramer Levin Naftalis & Frankel LLP, for Defendant Kenneth G. Langone.

Dan K. Webb, Robert L. Michels, Adam J. Schlatner, Winston & Strawn LLP, New York, N.Y. for Defendant New York Stock Exchange, Inc.

OPINION AND ORDER

LYNCH, District Judge.

The Attorney General of the State of New York ("AG") brings this action in New York State Supreme Court against the New York Stock Exchange ("NYSE") and its former Chairman and Chief Executive Officer, Richard A. Grasso, alleging that the NYSE violated New York's Not-for-Profit Corporation Law by paying Grasso compensation that was not "reasonable" and "commensurate...

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