A $120 million lawsuit against former New York Stock Exchange Chief Dick Grasso may be next on New York Attorney General Eliot Spitzers hit list, The Wall Street Journal reports.
Grasso, who left the Big Board in September over a highly publicized pay scandal, would be forced to give back much of the money he received if Spitzer gets his wish.
In addition, The Journal reports that Spitzer would also name in a suit against former NYSE board members who allowed for Grassos pay package to be approved. By looking into NYSE records, Spitzers team may be prepared to charge Grasso for possessing an "excessive and unreasonable" pay package, which hovered around $200 million. The former head has already received $139.5 million of it, and sources have said he wants the rest.
Last month, Spitzers office made wrote to Grasso demanding a return of the $120 million. Later, Spitzer personally met with Grassos lawyer, but the two failed to reach a settlement. The Journal cites Financial Times and The Washington Post as the outlets that first reported these proceedings.
Brendan Sullivan, Grassos lawyer, has insisted that his client never set his own pay, but rather had it set for him by the board.