Cuomo Files $26M Suit Against Steve Rattner

Ex-auto czar vows to fight it
By Kevin Spak,  Newser Staff
Posted Nov 18, 2010 12:00 PM CST
Steven Rattner, the former head of the US government's auto task force, speaks to the Automotive Press Association at the Detroit Athletic Club in Detroit, Nov. 15, 2010.   (AP Photo/The Detroit News, David Guralnick)

(Newser) – Talk about timing. On the same day that Steve Rattner got to trumpet GM’s new IPO, Andrew Cuomo filed a trio of lawsuits against the ex-auto czar related to a pay-to-play scandal involving New York’s pension fund. Cuomo’s asking for $26 million in damages, and a lifetime ban on Rattner in the securities industry, Fortune reports. At the same time, the SEC revealed details of a $6.8 million settlement Rattner had agreed to over the same case.

The SEC settlement carries a two-year ban on “associating with any investment adviser or broker-dealer.” But Rattner vowed to fight the Cuomo suit. “While settling with the SEC begins the process of putting this matter behind me, I will not be bullied simply because the attorney general’s office prefers political considerations instead of a reasoned assessment of the facts,” he told the New York Times.

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