NEW YORK – The New York Stock Exchange (search) said on Monday its earnings fell by more than 50 percent in the second quarter, as legal expenses rose amid a continued battle over its former chairman's pay package.
In a statement, the exchange reported said net income fell to $5.4 million in the second quarter, from $11.6 million in the comparable year ago quarter. Revenues rose by 1 percent, to $273 million from $270.2 million in the year ago quarter.
Meanwhile, expenses during the quarter jumped by 6.4 percent to $268.3 million, the Big Board said, citing "increased spending in professional services -- in particular legal expenses -- and advertising."
The exchange is embroiled in a legal battle with former chairman Richard Grasso (search), who resigned under pressure over a $188 million pay package.