Rattner Settles With SEC on Kickbacks as Cuomo Sues
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Steven Rattner, the former head of Quadrangle Group LLC, will pay $6.2 million and accept a two-year ban from associating with broker-dealers or investment advisers to resolve a Securities and Exchange Commission probe of kickbacks in connection with the New York state pension fund.
The sanctions include a payment of $3.2 million in disgorgement and a $3 million fine, the SEC said. New York Attorney General Andrew Cuomo sued Rattner today as well, seeking at least $26 million and his immediate lifetime ban from the securities industry in New York, according to an e-mailed statement. Richard Bamberger, a spokesman for Cuomo, said there was no settlement planned with Rattner.