New York Attorney General Eliot Spitzer has become notorious for settling with mutual fund firms only after they agree to lower fees, pay huge amounts of money back to investors and change their policies. But when it comes to the lawsuit against former New York Stock Exchange Chairman Richard Grasso, Spitzer is not even considering a settlement anymore.
"There is absolutely no way, no how we will settle this case," Spitzer told CBS Marketwatch.com. The lawsuit, which seeks more than $100 million of Grassos $139.5 million buyout that he received when he left the Big Board, was reported last month to be in settlement talks. Spitzer was said to have lowered his demand to $50 million, as long as Grasso agreed to not try and gain an extra $48 million he says the Exchange still owes him.
"I tried for months to reach a settlement and was met by a brick wall on the other side," Spitzer said earlier. "I'm tired of it, I'm sick of it and I'm ready for trial."