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Business Briefing / Investing

Firm settles in pension scandal

July 02, 2009|TIMES WIRE REPORTS

An Irvine company that advises government pension funds on their investments has agreed to pay $2 million to extract itself from a New York corruption investigation.

The settlement will spare Pacific Corporate Group from criminal or civil charges in a probe led by state Atty. Gen. Andrew Cuomo.

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

The company agreed to return its revenue from the deal.

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

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