Rattner discussing settlement in pension fund probe

By Laurie Bennett

March 11, 2010 at 7:43am

Former auto czar Steven Rattner is in talks to resolve his role in the New York state pension fund investigation, the Wall Street Journal reports.

State Attorney Gen. Andrew Cuomo has confirmed to reporters that Rattner is still under investigation in the pay-to-play case, but declined to elaborate. Rattner has not been charged with any wrongdoing.

The Journal quotes sources as saying that Rattner’s attorneys have been discussing a settlement with Cuomo’s office and the Securities and Exchange Commission.

Before his involvement in the federal auto bailout, Rattner headed Quadrangle Group, which he founded. The private equity fund handled a $100 million investment in the pension fund after a Quadrangle subsidiary agreed to distribute a small indie film called Hooch.

The movie was produced by New York’s former deputy comptroller David Loglisci and his brother. Loglisci, whose office oversaw pension fund investments, pleaded guilty to a felony in the case yesterday.

Quadrangle also paid a fee of more than $1.1 million to an outside consultant, Hank Morris, who faces charges of taking kickbacks in exchange for arranging pension fund investments.

New York Mayor Michael R. Bloomberg, a friend of Rattner’s, recently moved $5 billion of his personal wealth from Quadrangle to another firm.

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