Grasso files countersuit

Tuesday, July 20, 2004 | 9:20 a.m.

NEW YORK -- Former New York Stock Exchange chief Richard A. Grasso, ousted last year amid turmoil over his huge pay package, lashed back at the exchange today, suing it for at least $50 million, claiming breach of contract and defamation.

In the countersuit, a copy of which was obtained by the Associated Press, Grasso claims the NYSE breached its contract with him by witholding "tens of millions of dollars" in additional salary, and by "maliciously disparaging him" through statements by current NYSE chairman John Reed

The NYSE referred questions to an outside attorney for comment. The attorney, Mike York, was not available. A spokeswoman for Spitzer's office said she had not seen the countersuit and would not be able to comment.

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