Rattner Settles With New York State

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Rattner Settles With New York State

 
NEW YORK (TheStreet) -- Quadrangle Group's Steven Rattner will pay $10 million to settle two lawsuits filed by New York Attorney General Andrew Cuomo.

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As part of the settlement, Rattner also will be banned from appearing in any capacity before any public pension fund within New York for five years, according to the press release on the attorney general's Web site.
The lawsuits filed by Cuomo, the New York governor-elect, revolved around a kickback scheme for Quadrangle to manage $150 million in investments from the New York State Common Retirement Fund.
In November, Rattner settled a related case with the Securities and Exchange Commission. He agreed to pay $6.2 million to the SEC and also agreed to refrain from "associating with any investment adviser or broker-dealer for at least two years."
"I am gratified that we have been able to reach an agreement in this case, as it resolves the last major action of our multiyear investigation," Cuomo stated in the press release.
Rattner, formerly known as the "car czar, led the Obama administration's restructuring of the auto industry.
--Written by Maria Woehr in New York.
To contact the writer of this article, click here: Maria Woehr.
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