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NEW YORK, USA - AN appeals court on Tuesday gave former New York Stock Exchange (NYSE) chief Richard Grasso a total victory by dismissing all claims seeking reimbursement of a contested US$100 million (S$136 million) severance payout.
A mid-level appeals court in Albany, New York, said the state attorney general's authority ended when the NYSE became a for-profit corporation in 2006.
In a statement, state Attorney General Andrew Cuomo said New York would not continue to press the case.
'We have reviewed the court's opinion and determined that an appeal would not be warranted. Thus, for all intents and purposes, the Grasso case is over,' Mr Cuomo's statement said.
Last month, another appeals court dismissed four of the six claims against Mr Grasso, also ruling that state officials had no authority in the case that focused on hefty executive pay.
Mr Grasso resigned as the NYSE's chairman in late 2003, but made headlines with the generous US$187.5 million severance and compensation package he received upon departing.
State officials filed the suit to get back US$100 million in pension payments and other benefits in the Mr Grasso package, which was deemed excessive and a violation of the exchange's non-profit status at the time.
Mr Grasso repeatedly has insisted his compensation was legal, and filed suit against the NYSE, which he says still owes him another US$50 million.
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