Steven Rattner, the former principal of private equity firm Quadrangle Group LLC, will pay $10 million to settle a probe by New York Attorney General Andrew Cuomo of corruption at the state pension fund in a deal that largely ends a three-year investigation that has yielded eight guilty pleas.
Rattner's payment of restitution to the state of New York is less than half of the $26 million Cuomo sought. Rattner also agreed to be banned from appearing in any capacity before any public pension fund in the state for five years, the attorney generalâ€™s office said in an e-mailed statement. Cuomo, New York's governor -elect, sought a lifetime ban from the securities industry.
â€śI am gratified that we have been able to reach an agreement in this case, as it resolves the last major action of our multi-year investigation,â€ť Cuomo said in the statement.
Rattner said in the same statement he was â€śpleased to have reached a settlement.â€ť
â€śI apologize if during the course of this process there is anything I did that may have made reaching this agreement more difficult,â€ť he said.