JP Morgan Securities and two of its former managing directors have settled a lawsuit filed by the U.S. Securities and Exchange Commission, involving illegal payments, The Wall Street Journal reports. The suit claimed Charles LeCroy and Douglas MacFaddin made unlawful payments to get business in connection with municipal bond offerings and swap agreement transactions with Jefferson County.

The duo allegedly made more than $8 million in undisclosed payments to close friends of Jefferson County commissioners. The county commissioners in turn selected JP Morgan Securities to underwrite its bond offerings. The firm will pay $25 million in penalty, $50 million to Jefferson County, and forfeit $647 million in termination fees.

Click here for the story from The Wall Street Journal.