Four Spitzer-Era Claims Against NYSE's Grasso Dropped

ALBANY — New York's top court has affirmed dropping four claims against the former chairman New York Stock Exchange Chairman, Richard Grasso, dealing a major setback to the legacy of the former Attorney General, Eliot Spitzer.

Two claims remain against Mr. Grasso's $187.5 million compensation package from the exchange, which was challenged by Mr. Spitzer as exorbitant for a not-for-profit organization.

In the decision affirming a lower court's ruling, Chief Judge Judith Kaye says the challenges were based on the size of the compensation package, but state law required more evidence to void such a payment.

She said Mr. Spitzer "may not circumvent" the legislative intent behind the law even if the compensation seems exorbitant.

Mr. Grasso argued that a private interest like NYSE should be free to set its own compensation.