Massachusetts Financial Services will pay a $50 million fine to the SEC for not disclosing directed-brokerage agreements, The Wall Street Journal, reports, citing a person who has been briefed on the case and who thinks the settlement could be announced as early as today.

If MFS is charged the fine, it would be the first company to be penalized for failing to disclose the fee arrangements mutual fund firms have with brokerage firms for pushing their products, or giving them preferred status. MFS is not expected to admit or deny wrongdoing, according to The Journal.

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