New York State Pension Fund Settles for $10 Million From Rattner
According to a Bloomberg report, Steven Rattner, co-founder of Quadrangle Group LLC and former head of the U.S. government’s Automotive Task Force, is set to pay $10 million to settle a three year investigation surrounding his involvement in corruption surrounding the New York State’s pension fund. Rattner allegedly aided the New York based Quandrangle in getting $150 million in investments from the pension fund by paying kickbacks.
The investigation resulted in eight guilty pleas, restitution of nearly half the $26 million being sought by New York Attorney General and the governor-elect, Andrew Cuomo. This settlement results in Cuomo recovering some $170 million for New York and the state’s pension fund.