"Car Czar" Rattner settles with Cuomo over pension fund kickbacks

Filed under: Etc., Government/Legal

New York Attorney General Andrew Cuomo has announced that his office settled with former White House Task Force "Car Czar" Stephen L. Rattner for $10 million. The agreement comes following charges that Rattner engaged in a kickback scheme involving New York's pension funds while he was an executive with Quadrangle Group.

Rattner, who oversaw the U.S. government rescue of General Motors and Chrysler in 2009 and shepherded the companies into bankruptcy, will also be barred from doing business with the State's pension fund for a period of five years as part of the agreement with Cuomo. The deal will settle two lawsuits filed in November against Rattner.

"I 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," Cuomo said in a statement. "The state pension fund is a valuable asset held in trust for retirees and supported by taxpayers. Through the many cases, pleas and settlements in this investigation, I believe we have been able to help restore and protect the integrity of the state pension fund."

Mr. Cuomo will be sworn in as New York's governor on Jan. 1.

Rattner said in a statement: "I am pleased to have reached a settlement with the New York attorney general's office, which allows me to put this matter behind me. 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 to ensure that the New York State Common Retirement Fund operates properly and in the best interests of New Yorkers."

[Image: Neilson Barnard/Getty]

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"Car Czar" Rattner settles with Cuomo over pension fund kickbacks originally appeared on Autoblog on Fri, 31 Dec 2010 08:57:00 EST. Please see our terms for use of feeds.

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