Car Czar Settles Kickback Suit

Former Car Czar Steven Rattner, N.Y. Financier, Settles With S.E.C. in Pension Case

Steven Rattner, the former car czar, has agreed to settle a kickback case with the Securities and Exchange Commission, a "person with knowledge" of the negotiation said Wednesday.

Mr. Rattner will accept a multiyear ban from the securities industry and pay a fine of more than $5 million, the person said. He is still in negotiations over a similar settlement with the office of the New York attorney general, Andrew M. Cuomo.

The settlement, which is expected to be announced on Thursday, caps off a multiyear investigation by the government into kickbacks paid to officials with New York's pension fund. Earlier this month, Alan Hevesi, the state's former comptroller, pleaded guilty to a corruption charge involving the state fund.