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NEW YORK, July 20 (UPI) -- The former head of the New York Stock Exchange is suing his old employer for at least $50 million in the latest escalation of an increasingly nasty feud.
Richard Grasso, who already is being taken to court by New York Attorney General Eliot Spitzer over his controversial $188 million pay package, has promised any money he may get from his lawsuit against the exchange will go to charity, CNN reported Tuesday.
The suit, filed in New York, alleges unpaid compensation and benefits plus breach of contract.
Grasso is also suing the exchange's current chairman John Reed, for defamation of character.
The feud erupted into public view last September when Grasso left the exchange amid widespread disgust at the size of his pay.
Reed replaced him as chairman, and John Thain as chief executive officer.
"We will vigorously defend these claims. They have no legal or factual merit and if we go to court we will prevail," lawyers for the NYSE said in response to the suit.
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