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Article: Business Digest
- Article from:
- The Washington Post
- Article date:
- September 18, 2009
CopyrightCopyright 2009 The Washington Post. This material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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LEGAL
Four more investment firms have agreed to pay fines and implement
reforms in connection with New York Attorney General Andrew M.
Cuomo's probe of a corruption scandal involving the state pension
fund, authorities said Thursday.
The private-equity firms -- HM Capital Partners, Levine
Leichtman Capital Partners, Access Capital Partners and Falconhead
Capital -- will collectively pay about $4.5 million and agree to a
set of reforms, which includes banning the use of middlemen to
solicit pension fund business. The use of middlemen, who can collect
hefty fees from pension funds, is a common industry practice and not
illegal.
Cuomo's office is investigating whether private-equity firms ...