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Carlyle To Pay $20M To Settle NY Pay-To-Play Probe

Law360 (May 14, 2009, 12:00 AM EDT) -- The Carlyle Group has agreed to pay the state of New York $20 million to end state Attorney General Andrew Cuomo's probe into allegations that the private equity firm illegally paid middlemen to secure $1.3 billion in investments from the state's Common Retirement Fund.

Carlyle has also agreed to adopt the attorney general's code of conduct for public pension funds, making the group the first investment firm to promise to follow the guide to ban so-called pay-to-play schemes, Cuomo announced Thursday.

The ethics code bars investment...
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