Lipton replaced in high profile NYSE role by Sonsini

Legendary US corporate giant Martin Lipton has been replaced as the chairman of the New York Stock Exchange (NYSE) legal advisory committee by Wilson Sonsini Goodrich & Rosati chair Larry Sonsini.

According to the Delaware Law Weekly, Sonsini, who is also chairman of the exchange’s regulatory enforcement and listing standards committee, was appointed to Lipton’s former role in June.

Lipton had served as the exchange’s chief outside corporate counsel as well as chair of the legal advisory committee.

However according to reports, neither Lipton or his firm Wachtell Lipton Rosen & Katz, will not continue to receive new instructions from the exchange.

Wall Street crusader Eliot Spitzer, New York State attorney general had criticised Lipton in a suit brought against the NYSE and its former chairman and chief executive Richard Grasso, earlier this year.

While Lipton and Wachtell Lipton Rosen & Katz were not named as defendants in the suit, Spitzer faulted the lawyer in relation to Grasso’s controversial $200m pay package.