On May 26, Grasso responded with a countersuit against the Exchange and its then-chairman, John Reed, seeking payment of unpaid portions of his pay package, as well "besmirching his name".
On May 26,2004 Grasso responded with a counter-suit against the Exchange and its chairman John Reed. It sought restitution of unpaid portions of his retirement package and further accused certain individuals at the Exchange of "besmirching his name".