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PEOPLE v. GRASSO

11 N.Y.3d 64 (2008)

THE PEOPLE OF THE STATE OF NEW YORK, by ELIOT SPITZER, Attorney General of the State of New York, Appellant, v. RICHARD A. GRASSO, Respondent, et al., Defendants. (And Other Actions.)

Court of Appeals of the State of New York.

Decided June 25, 2008.

Attorney(s) appearing for the Case

Andrew M. Cuomo, Attorney General, New York City (Barbara D. Underwood, Benjamin E. Rosenberg and Jeffrey P. Metzler of counsel), for appellant.

Williams & Connolly LLP, Washington, D.C. (Gerson A. Zweifach, Brendan V. Sullivan, Jr., Steven M. Farina and Carl R. Metz of counsel), and Flemming Zulack Williamson Zauderer LLP, New York City (Mark C. Zauderer and Jonathan D. Lupkin of counsel), for respondent.

OPINION OF THE COURT

Chief Judge KAYE.

This appeal arises out of compensation paid by the New York Stock Exchange (NYSE) to Richard A. Grasso, Chairman and Chief Executive Officer from 1995 until his resignation in September 2003. At all times relevant to this appeal the NYSE was a New York not-for-profit corporation regulated by the Not-For-Profit Corporation Law (N-PCL).1 The...

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