Nov. 13 (Bloomberg) -- Richard Grasso, former chairman of the New York Stock Exchange, asked a state appeals court to block a judge from ruling that he return as much as $112.2 million in compensation to the Big Board.

The amount is ``in excess of that which Mr. Grasso received for his eight years of work as Chairman and CEO of the NYSE,'' Grasso's lawyers said in papers filed today with the appeals court in Manhattan. The exchange withheld about $60 million in taxes from a disputed $139 million payout in 2003, they said.

New York State Attorney General Eliot Spitzer proposed the amount after Justice Charles Ramos ruled Oct. 19 that Grasso must return an unspecified portion of his $190 million package. Ramos found that Grasso breached his fiduciary duties by failing to fully inform the board about his pay. Ramos has scheduled a hearing for Nov. 15 to decide how much Grasso must return.

Grasso said Ramos may order him to repay the exchange as early as Dec. 4 unless the appeals court steps in. Spitzer had sued Grasso on behalf of the NYSE, seeking return of the money under state laws governing not-for-profit corporations.

A hearing on two appeals by Grasso is set for Nov. 29, appeals court officials said today. Grasso challenged Ramos's refusal to remove himself from the case and his decision to consider without a jury whether Grasso's pay was ``reasonable.'' Grasso said in today's filing that Ramos intentionally defied a Sept. 14 order by the higher court to halt all proceedings until the appeals are heard.

The Ramos court ``not only substituted its own judgment for that of the jury but became an advocate in this case, ordering relief that was not requested, based on arguments that were not advanced,'' Grasso said. His lawyers, Gerson Zweifach and Mark Zauderer, declined to comment on today's filing.

Spitzer, New York's top law enforcement officer, was elected governor of New York in the Nov. 7 general election. A Spitzer spokesman didn't return calls seeking comment on Grasso's filing.

The case is New York v. Grasso, 04-401620, New York Supreme Court, New York County (Manhattan).

To contact the reporter on this story: Patricia Hurtado in New York state Supreme Court at pathurtado@bloomberg.net.

Last Updated: November 13, 2006 19:27 EST