ATTORNEY GENERAL MADIGAN IN MARION TO DETAIL RECORD $300 MILLION SETTLEMENT FOR ILLINOIS PENSION SYSTEMS & CONSUMERS
Apparently, some of the pension time bomb for many states has been defused, thanks to the actions of the attorneys general, including Illinois.
Illinois Attorney General Lisa Madigan will host a press conference at 3 p.m. in Marion to detail a record-breaking $300 million settlement with Bank of America to fully recover losses to Illinois pension systems and provide consumer relief. The settlement was a result of the bank’s misconduct in its marketing and sale of risky residential mortgage-backed securities (RMBS) leading up to the 2008 economic collapse. The settlement includes $200 million in relief to fully recover for losses incurred by Illinois’ pension systems and $100 million in consumer relief.
The agreement is part of a national settlement forged by the U.S. Department of Justice (DOJ) and also joined by attorneys general from California, Delaware, Massachusetts, New York and Kentucky. The settlement includes recoveries for RMBS issued by Countrywide, LaSalle Bank and Merrill Lynch, all of which were acquired by Bank of America.
Today’s settlement is the latest in a long line of enforcement actions Attorney General Madigan has taken against Bank of America and its subsidiary Countrywide for abuses, discrimination and misconduct that contributed to the financial crisis.
WHO: Lisa Madigan, Illinois Attorney General
WHEN: 3 p.m., Thursday, August 21, 2014
**NOTE NEW TIME**
WHERE: Williamson County Regional Airport
Airline Terminal
10400 Terminal Drive
Marion, Illinois 62959