By Tara Kyle
DNAinfo Reporter/Producer
MANHATTAN — Investment banker and one-time 'car czar' Steven Rattner will hand over $10 million in a settlement over charges he participated in a pension fund pay-to-play scheme.
Rattner, a former Quadrangle Group principal, was charged in a November civil lawsuit with delivering kickbacks to aid his company in securing $150 million in investments from New York's largest pension fund.
The settlement, announced Thursday, concludes a multi-year investigation and is considerably less than the $26 million originally requested by Attorney General Andrew Cuomo.
"I am gratified that we have been able to reach an agreement in this case," Cuomo wrote in a statement Thursday. "I believe we have been able to help restore and protect the integrity of the state pension fund."
Rattner will acknowledge no wrongdoing per the terms of the deal, according to the New York Post.
While Cuomo sought to bar Rattner for life from the securities industry, he will now receive only a five-year ban from business related to New York public pension funds.
The decision follows a November settlement with the Securities and Exchange Commission, in which Rattner agreed to a $6.2 million pay out and two-year ban from relations with investment advisers and broker dealers, MarketWatch reported.
Last month, Rattner punched back at Cuomo on "Charlie Rose" television show, accusing the attorney general of actions approaching extortion.
"He has basically threatened me all along the way that if I don't do what he wants me to do, he will prosecute me to the ends of the earth," Rattner said.
But on Thursday, he struck a more conciliatory tone.
"I respect the work of the Attorney General and his staff to ensure that the New York State Common Retirement Fund operates properly and in the best interests of New Yorkers," Rattner wrote in a statement.
