Steven Rattner, one of the co-founders of the private-equity firm named Quadrangle Group LLC, will shell out ten million dollars for settling kickback charges in which New York's pension fund is involved. The amount of settlement is less than half of the twenty six million dollars that the state Attorney General Andrew Cuomo sought in the case.

Rattner also agreed to be suspended from appearing before any public pension fund in the state for the coming five years in any capacity, as stated by the office of the attorney general, yesterday in an e- mailed statement. Cuomo, the governor-elect of New York sought a lifetime ban from the securities industry.

Cuomo made a statement saying that he was glad that they have been able to reach an agreement in this case, as it solves the last major action of the multiyear investigation,

Rattner, aged 58 years, helped to pull out General Motors Co. and Chrysler Group LLC when he was the head of the U. S. government's Automotive Task Force. He also made a statement saying he felt pleased for reaching a settlement.

He further stated that he apologizes if during the course of this probe there is anything he did that may have made it difficult to reach the agreement. He added that he respects the work of the attorney general and his staff for ensuring that the New York State Common Retirement Fund runs properly and in the best interests of the residents of New York

A spokesman of Rattner named Davidson Goldin stated that the agreement with Cuomo says Rattner is settling without any admission of any liability. Richard Bamberger, Cuomo spokesman didn't respond to an e-mail seeking a copy of the settlement.