Rattner to Pay $10M to Settle NY Case
Bloomberg reports:
Steven Rattner, a co-founder of the private-equity firm Quadrangle Group LLC, will pay $10 million to settle kickback allegations involving New York’s pension fund, less than half of the $26 million state Attorney General Andrew Cuomo sought in a lawsuit.
Rattner also agreed to be banned from appearing “in any capacity” before any public pension fund in the state for five years, the attorney general’s office said yesterday in an e- mailed statement. Cuomo, New York’s governor-elect, sought a lifetime ban from the securities industry.
“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 said in the statement.
Rattner, 58, helped overhaul General Motors Co. and Chrysler Group LLC when he headed the U.S. government’s Automotive Task Force. He said in the same statement he was “pleased to have reached a settlement.”
“I apologize if during the course of this process there is anything I did that may have made reaching this agreement more difficult,” he said. “I respect the work of the attorney general and his staff to ensure that the New York State Common Retirement Fund operates properly and in the best interests of New Yorkers.”
Davidson Goldin, a spokesman for Rattner, said the agreement with Cuomo says Rattner is settling “without any admission as to liability.” Cuomo spokesman Richard Bamberger didn’t respond to an e-mail seeking a copy of the settlement.
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