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PEOPLE v. GRASSO

54 A.D.3d 180 (2008)

861 N.Y.S.2d 627

THE PEOPLE OF THE STATE OF NEW YORK, by ELIOT SPITZER, ATTORNEY GENERAL OF THE STATE OF NEW YORK, Respondent, v. RICHARD A. GRASSO, et al., Appellants, and THE NEW YORK STOCK EXCHANGE, INC., Respondent. RICHARD A. GRASSO, Crossclaim Plaintiff-Appellant, v. THE NEW YORK STOCK EXCHANGE, INC., et al., Crossclaim Defendants-Respondents. (And a Third-Party Action.)

Appellate Division of the Supreme Court of the State of New York, First Department.

July 1, 2008.

Attorney(s) appearing for the Case

Williams & Connolly LLP, Washington, D.C. (Gerson A. Zweifach of counsel), and Flemming Zulack Williamson Zauderer, LLP, New York City (Mark C. Zauderer and Jonathan D. Lupkin of counsel), for Richard A. Grasso, appellant.

Andrew M. Cuomo, Attorney General, New York City (Avi Schick, David Axinn, Jeffrey P. Metzler and Robert Pigott of counsel), for state respondent.

Winston & Strawn LLP, New York City (Adam J. Schlatner of counsel), for The New York Stock Exchange, Inc. and another, respondents.

OPINION OF THE COURT

McGUIRE, J.

The principal issue on this appeal, and one that divides this Court, is how N-PCL 720 (b) should be construed. That provision authorizes the Attorney General to bring an action against directors or officers of a not-for-profit corporation for various forms of misconduct that injure the corporation. The interpretive issue before this Court is one that the text of N-PCL 720 (b) does not purport to address. That issue is this...

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