NEW YORK — One of the nation'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.
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.
New York Attorney General Andrew Cuomo says the company has also agreed to limit campaign contributions by its employees and stop hiring politically connected middlemen to help land government pension fund business.
The Carlyle Group says the reforms will "set a new standard for ethics in the industry."
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Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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.
New York Attorney General Andrew Cuomo says the company has also agreed to limit campaign contributions by its employees and stop hiring politically connected middlemen to help land government pension fund business.
The Carlyle Group says the reforms will "set a new standard for ethics in the industry."
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Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
