Grasso Likely to Keep Pay Package

New York state Attorney General Andrew Cuomo doesn't plan to appeal a court ruling that will allow former New York Stock Exchange Chairman Richard Grasso to hold onto the rich pay package that ultimately led to his departure from the exchange five years ago.

The New York Supreme Court's Appellate Division voted 3-1 to dismiss two remaining components of a case against Grasso and one against Ken Langone, who had been a director at the exchange, The Wall Street Journal reported. The court said Cuomo can't pursue the matter because the NYSE, a nonprofit at the time of the Grasso pay flap, is now a for-profit company, NYSE Euronext (NYX Quote - Cramer on NYX - Stock Picks), the report said.

The revelation that Grasso was entitled to more than $180 million in compensation infuriated retail investors, and preceded his exit from the NYSE in 2003.