John Thain, chief executive of the New York Stock Exchange, is reportedly willing to accept $25m (€20.3m) from former chairman and chief executive Richard Grasso to settle a lawsuit relating to his $140m pay package.

Thain told Larry Fink, a former NYSE board member, that the exchange would accept the reduced fee, which is much less than originally targeted, to end the lawsuit, reports New York Post citing Newsweek.