Dick Grasso has once again asked to be allowed to keep his sizeable compensation package, awarded to him by the NYSE in 2003. Gerson Zweifach, Grasso's attorney, claimed that "It was error for the trial court to even attempt on summary judgment to decide what people knew and what Mr. Grasso should have known," referring to a decision made by judge Charles E. Ramos, back in October. According to the Wall Street Journal,
Mr. Zweifach said Mr. Grasso's compensation was spelled out in his employment contract, particularly the formula used to determine payments owed to him under the exchange's Supplemental Executive Retirement Plan, or SERP.
He also argued that the NYSE's board was made up of corporate executives who wouldn't have stood by silently if they felt Mr. Grasso wasn't giving them the full story on his compensation.