When then-New York Attorney General Eliot Spitzer sued me in 2003 over my stewardship as a director of the New York Stock Exchange, the NYSE's legal expenses were more than $100 million, which made it perhaps the priciest litigation in the state's history.

In this quote, Kenneth Langone reflects on the 2003 lawsuit filed against him by then-New York Attorney General Eliot Spitzer. Langone was sued for his role in the New York Stock Exchange (NYSE), where he served as a director. He points out that the legal expenses for the case amounted to more than $100 million, which, at the time, made it one of the most expensive pieces of litigation in the history of New York State. Langone uses this figure to underscore the significance and scale of the legal battle.

The origin of this quote is tied to the legal and regulatory issues surrounding the NYSE and the actions of its directors in the early 2000s. Spitzer's lawsuit was part of a larger series of legal actions against financial institutions and individuals involved in questionable practices at the time. Langone’s statement highlights the financial and strategic importance of the case, both for him personally and for the NYSE as an institution.

Langone's mention of the cost of the litigation serves to emphasize not only the high stakes of the case but also the resources required to defend against such legal challenges. It suggests that the legal battle was complex and drawn-out, requiring significant financial investment. The quote also hints at the personal toll and the impact on the NYSE's reputation during this period of legal scrutiny.

Ultimately, this quote illustrates the financial and legal challenges that Langone and the NYSE faced during a contentious period. By highlighting the massive legal expenses, Langone reflects on the extraordinary nature of the case and the significant costs—both in terms of money and reputation—that came with it. It underscores how legal battles involving high-profile financial institutions can have profound and far-reaching effects.