Aetna Life & Casualty Co. last week agreed to pay $5.2 million in restitution and fines to settle charges that the company improperly marketed investment products to public employee retirement systems.

The settlement includes $3.7 million in payments to 21 public pension funds in Massachusetts and one in Rhode Island. Aetna has previously paid $9.5 million in private settlements with the funds to try to end a scandal allegedly involving $1.8 million the company made in secret payments to pension fund advisers.

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