NEW YORK — The investment banker who helped lead the Obama administration’s auto-industry overhaul has agreed to pay $10 million to settle influence-peddling allegations. 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. The settlement announced Thursday bars Rattner only from doing further business with any public pension fund in the state for five years.
Eight people have pleaded guilty to criminal charges as a result of the case. The Associated Press
