(Newser)
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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.
