Rattner Pays $10M to Settle Pension Fund Case

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 ..."
(More Steven Rattner stories.)