Locke Lord has agreed to pay $12.5 million to settle claims that it failed to prevent an oil and gas client from participating in what the U.S. Securities and Exchange Commission alleges was a $122 million Ponzi scheme.

The firm denies the alleged claims and any wrongdoing in connection with its representation of The Heartland Group Ventures and related entities, and the settlement agreement bars any future claims against the firm by the former clients.