In what some might construe as being a “pay-to-keep-playing settlement” between the US Securities and Exchange Commission and State Street, the global brokerdealer and bank, a division of State Street has agreed to pay the SEC $12million to let bygones be bygones and resolve a long-standing case involving Ohio pension funds..

Law360, New York (January 14, 2016, 2:06 PM ET) — The U.S. Securities and Exchange Commission on Thursday said a State Street Corp. unit has agreed to pay $12 million to settle allegations that it took part in a pay-to-play scheme to win servicing contracts for Ohio pension funds, while a Nelson Mullins Riley & Scarborough LLP partner is facing accusations of facilitating the purported scheme.

The SEC said the head of State Street’s public funds group that acts in a custodial capacity to public retirement funds made a deal with former Ohio deputy treasurer…

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