Ex-Car Czar Rattner Settles NY Probe for $10M
Updated at 3:22 PM EST on Thursday, Dec 30, 2010
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 in 2004 and 2005. He denied the charges.
The attorney general had initially sought $26 million in fines and penalties and a lifetime ban from the securities industry.
Copyright Associated Press / NBC New York