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Calif.-Based Pension Adviser Settles NY Probe

 

Thursday, Jul 02,2009, 2:14:44 PM   Click:

A company that helps government pension funds decide how to invest their money has agreed to pay $2 million to extract itself from a New York corruption investigation.

The settlement announced Wednesday will spare the Pacific Corporate Group from criminal or civil charges in a probe led by state Attorney General Andrew Cuomo (KWOH'-moh).

Regulators had accused the California-based company of paying an illegal kickback in order to land a $750 million deal with New York's retirement system.

Pacific Corporate Group agreed to return its revenue from the deal. It will also end the type of payments that led to the kickback allegation.

The company said the settlement would remedy "the improper actions of a former executive."

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