Steven Rattner, Former Car Czar, Settles with SEC

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AP Photo

The Obama administration's former car czar will settle a multiyear kickback investigation with the Securities and Exchange Commission.

Steven Rattner, a New York financier, will pay more than $5 million in fines to the federal agency and will accept a ban from the securities industry for several years, The New York Times reported on its website Wednesday.

The settlement is expected to be announced Thursday, the Times reported. The settlement comes at the end of an investigation into kickbacks involving officials with New York state's pension fund.

Rattner is still negotiating a similar settlement with New York Attorney General Andrew Cuomo, the Times reported. Cuomo is the Democratic nominee in the Empire State's race for governor in this year's elections.

  • Alex Sundby

    Alex Sundby is an associate news editor for CBSNews.com

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