Nice – Eliot Spitzer is the man

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The ruling gives strong legal backing to the central claim brought against Mr. Grasso by Eliot Spitzer, the New York attorney general: that Mr. Grasso’s pay was unreasonably high under New York state not-for-profit law.

Justice Ramos also ruled against Mr. Grasso’s claim that he was terminated and thus due an additional $95 million in severance pay. And he dismissed a countersuit for disparagement that Mr. Grasso had filed against his temporary successor, John S. Reed.

In a statement, Mr. Spitzer’s office said that Mr. Grasso must now return more than $80 million.

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