Ex-car czar Rattner sued by NY

Steven Rattner, the former Obama administration auto industry czar, was yesterday sued by New York’s attorney general Andrew Cuomo for allegedly paying kickbacks to win investments from the state's public pension fund. Rattner separately settled a related US Securities and Exchange Commission (SEC) civil lawsuit, agreeing to pay $6.2m (£3.9m) and accept a two-year ban from working with an investment adviser or broker-dealer.

That accord requires court approval. Cuomo and the SEC alleged Rattner entered quid pro quo arrangements with the New York State Common Retirement Fund to obtain $150m in investments for his private equity firm, Quadrangle Group, in 2005 and 2006.