Goldman Sachs (GS) will pay $12 million to settle charges it made undisclosed contributions to a former Massachusetts state treasurer in violation of "pay-to-play" rules.

The case stems from the activities of Neil Morrison, a former vice president in the investment banking giant's Boston office who solicited underwriting business from the commonwealth at roughly the same time he worked on the campaign for Timothy Cahill, the Securities Exchange Commission said Thursday. Cahill served as state treasurer while running for governor in 2010.

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