Officials overseeing the pension systems of New York State and New York City took steps to ban the use of placement agents in the wake of criminal indictments by the state's attorney general for alleged pay-to-play schemes.

State Comptroller Thomas DiNapoli, who is the sole trustee of New York's $122 billion pension system, imposed a ban on the involvement of placement agents, paid intermediaries, and registered lobbyists in investments by the state Common Retirement Fund.

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