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August 16, 1994|From Times Staff and Wire Reports

Former Salomon Chairman Seeks Back Pay: John Gutfreund has asked a New York court to overturn an arbitration panel's decision denying him $55.3 million in back pay and other compensation. Gutfreund contends that the New York Stock Exchange panel's decision ignored the terms of his contract with Salomon Inc. and violated New York state law barring employers from withholding earned compensation. Gutfreund, once one of the most powerful men on Wall Street, was among several top Salomon executives who quit soon after the firm admitted in August, 1991, that it had violated bidding rules at several Treasury auctions.

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