The Carlyle Group has agreed to pay $20 million and make broad changes in its practices under a settlement reached with the NY Attorney General, Andrew M. Cuomo, as part of Cuomo’s investigation into corruption of the state pension fund. The NYT reports that under the deal, Carlyle executives and the firm will not face any further action, including criminal prosecution, by Cuomo’s office.
The NYT reports that under the agreement:
- Carlyle will be prohibited from using any kind of intermediary to provide even an introduction to officials at public pension funds;
- Carlyle executives and their family members will be barred from making campaign contributions to comptrollers or other officials charged with overseeing pension funds within two years of doing business with the pension funds; and
- Carlyle will also have to disclose contributions to any politicians in a state — such as governors, mayors or legislators — in which it does pension business.