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Ex-car czar Rattner settles NY probe for $10M

The investment banker who helped lead the Obama administration’s auto industry overhaul has agreed to pay $10 million to settle influence-peddling allegations in New York.

Former “car czar” Steven Rattner admitted no wrongdoing as part of the deal, which was announced by state Attorney General Andrew Cuomo on Thursday. Cuomo’s office had filed civil lawsuits against Rattner in November, accusing him of paying kickbacks to help his company land $150 million in state pension fund investments. He denied the charges.

The attorney general had initially sought $26 million in fines and penalties and a lifetime ban from the securities industry. The settlement announced Thursday only bars Rattner from doing business with any public pension fund in the state for five years.

 (Copyright 2010 by The Associated Press.  All Rights Reserved.)

 

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