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Judge: NYSE must hand over Grasso report

New York Stock Exchange lawyers must give former chairman Richard Grasso's legal team a confidential report describing how he amassed his controversial $188.5 million pay package, a judge ruled late on Tuesday.
/ Source: Reuters

New York Stock Exchange lawyers must give former chairman Richard Grasso's legal team a confidential report describing how he amassed his controversial $188.5 million pay package, a judge ruled late on Tuesday.

New York State Justice Charles Ramos rejected the NYSE's argument that the report was privileged information.

Grasso was ousted in September 2003 after a furious public outcry over his compensation package.

Last year New York State Attorney General Eliot Spitzer sued Grasso in an effort to recoup at least $100 million, charging that the package was against New York State's not-for-profit laws.

The Webb report — named after Chicago lawyer Dan Webb, who the exchange commissioned to investigate the circumstances behind Grasso's pay — formed the cornerstone of many of Spitzer's charges against Grasso.

Legal experts say the NYSE's refusal to hand over the document may be because they feared it would be made public.

A spokesman for Grasso was not immediately available to comment.