Former Obama administration official Steven Rattner was sued by the US Securities and Exchange Commission and New York Attorney General Andrew Cuomo today for his role in a pay-to-play scheme involving New York's pension fund.

Rattner agreed to pay $6.2m (€4.6m) and to a two-year ban from associating with any investment advisor or broker-dealer to settle the SEC allegations, the SEC said today.

Former private equity star pays $6.2m to settle SEC allegations

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Rattner sued by Cuomo, settles SEC probe

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