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SEC postpones Rattner '74 settlement

The Securities and Exchange Commission put off its vote on a preliminary settlement dealing with Steven Rattner's '74 P'10 P'13 role in a pay-to-play scheme, the Wall Street Journal reported Thursday.

The New York Times had reported Wednesday that Rattner had reached a settlement with the SEC.

The case involves allegations that Rattner had given kickbacks in exchange for the business of the state's pension fund, worth approximately $125 billion.

The Journal, citing sources familiar with the matter, reported that the office of the New York Attorney General would not settle its ongoing case against Rattner based on the SEC's settlement.

"In this and other cases, we work cooperatively with the SEC. But we are each independent, even though sometimes we reach coordinated resolutions of cases. Currently, both offices have ongoing matters with Mr. Rattner," John Milgrim, a spokesman for Attorney General Andrew Cuomo's office, told the Journal.

The Journal also reported that a person familiar with the matter had said Rattner wanted to see the deal move ahead Thursday, in part because it included a two-year ban instead of the three years in an earlier offer from the SEC.

The settlement deal would ban Rattner from doing some work in the securities industry and fine him $6 million.




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