Israeli settles bribery charges

Steve Rattner, the investment banker and former White House adviser, has agreed to pay $10m (£6.5m) to settle bribery allegations brought by New York’s attorney general, Andrew Cuomo.

Rattner, who as “car tsar” advised the US government on its auto industry bailout, had been facing legal action over allegations he paid kickbacks to help his company land $150m in state pension fund investments in 2004 and 2005. Rattner denied the charges and has admitted no wrongdoing as part of the settlement.

Cuomo had initially sought to have Rattner banned from the securities industry for life and have him pay $26m in fines and penalties. But in the settlement Rattner, a founder of private equity firm Quadrangle Group, will pay $10m and be banned from appearing in any capacity before any public pension fund in the state of New York for five years.

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