Carlyle Group Agrees to Pay Millions in Pension Fund Scandal
Thursday, May 14, 2009
New York, NY –
The Carlyle Group, one of the country's largest private equity funds, has agreed to pay $20 million over its role in a corruption scandal involving New York's public pension fund.
New York Attorney General Andrew Cuomo says the company has also agreed to limit campaign contributions by its employees, and stop hiring middlemen -- so-called placement agents -- to help land government pension fund business.
The Carlyle Group was one of several firms that paid millions of dollars to an aide to New York's former comptroller in exchange for help obtaining investments from the retirement fund.
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