Goldman Sachs Group has agreed to pay about $12m to settle charges that it violated "pay-to-play" rules in a case involving undisclosed campaign contributions to Timothy Cahill.

Mr Cahill is the former Massachusetts state treasurer who was a candidate for governor.

The Securities and Exchange Commission also charged Neil Morrison, a former investment banker at Goldman, in the case.

Goldman settled without admitting or denying the charges.

The SEC's case against Morrison continues.