The Financial Industry Regulatory Authority has sanctioned five firms for charging additional fees on municipal and state bond offerings to pay a lobbying organization.

The companies — Citigroup (NYSE: C), Goldman Sachs (GS), JPMorgan Chase (JPM), Bank of America's (BAC) Merrill Lynch and Morgan Stanley (MS) — combined will pay $3.35 million in fines and $1.13 million in restitution to certain issuers in California, Finra said Thursday.

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