Rattner settles Cuomo suit for $10M

Dec. 30, 2010 at 7:56 PM
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NEW YORK, Dec. 30 (UPI) -- Steven Rattner, President Barack Obama's former car czar, has agreed to pay New York state $10 million to settle two lawsuits over a pension kickback scheme.

"I am pleased to have reached a settlement with the New York attorney general's office, which allows me to put this matter behind me," Rattner said in a statement issued in conjunction with the agreement announced Thursday by state Attorney General Andrew Cuomo. "I apologize if during the course of this process there is anything I did that may have made reaching this agreement more difficult. 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."

The agreement bars Rattner from involvement with any public pension fund in the state for five years, The New York Times reported. He did not admit any wrongdoing.

"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, who will be sworn in Saturday as governor, said in a statement. "The state pension fund is a valuable asset held in trust for retirees and supported by taxpayers. Through the many cases, pleas and settlements in this investigation, I believe we have been able to help restore and protect the integrity of the state pension fund."

Rattner settled with the Securities and Exchange Commission in November, paying $6.2 million and accepting a two-year ban from certain businesses on Wall Street.

Rattner disclosed a net worth of $188 million to $608 million when he was appointed to head Obama's auto task force in 2009.

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