So much for that front-page story a few weeks back in which the Times announced that Steve Rattner was about to put his state pension investing troubles behind him. This morning Andrew Cuomo — taking care of one of his last remaining major items as Attorney General — filed dual lawsuits against Rattner, investment advisor to so many billionaires including our very own mayor.
The lawsuits are not chump change: They seek at least $26 million from Rattner and his immediate lifetime ban from the securities industry in New York.
Here’s the money quote from Cuomo’s press release:
“Steve Rattner was willing to do whatever it took to get his hands on pension fund money including paying kickbacks, orchestrating a movie deal, and funneling campaign contributions. Through these lawsuits, we will recover his ill gotten gains and hold Rattner accountable.”
Rattner reportedly rejected a deal that would have him coughing up $20 million to settle this problem.