The Carlyle Group agreed not to use third-party intermediaries to obtain investment business from pension funds as part of a settlement in an ongoing pay-to-play investigation, New York Attorney General Andrew Cuomo announced Thursday.

The Carlyle Group, one of the worlds largest private-equity firms, agreed to pay the state $20 million and adopt a public pension code of conduct crafted by the attorney general’s office. The code bans investment firms from using third parties such as placement agents and lobbyists to help them get hired to manage investments for public pension funds. It also prohibits a firm — including principals, agents, and employees and their family members — from doing business with a public pension fund for two year after the firm makes campaign contributions to an official involved with the fund’s investments.

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