Rattner Pays $10M to Settle Pension Fund Case

He admits no wrongdoing in case brought by Cuomo

By John Johnson,  Newser Staff

Posted Dec 30, 2010 1:10 PM CST

(Newser) – New York's nasty legal fight between Andrew Cuomo and investment banker Steven Rattner—two of the city's major players in Democratic circles—is finally over. Rattner, who also served as President Obama's point man for the auto bailout, will pay $10 million to settle accusations that his company paid kickbacks to secure state pension fund investments. He admitted no wrongdoing but will have to stay away from public pension funds for five years, reports the Wall Street Journal.

From Cuomo, the attorney general who becomes governor next month: "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." And Rattner: "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 ..."

A 2009 file photo of Steven Rattner, former head of the Obama administration's task force on the auto industry.
A 2009 file photo of Steven Rattner, former head of the Obama administration's task force on the auto industry.   (AP Photo/J. David Ake, File)
In this file photo of Oct. 1, 2010, Andrew Cuomo responds to questions during a news conference in New York during his gubernatorial campaign.
In this file photo of Oct. 1, 2010, Andrew Cuomo responds to questions during a news conference in New York during his gubernatorial campaign.   (AP Photo/Richard Drew, File)
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