Fair
71°FFairFull Forecast

Illinois gets $100 million in JPMorgan settlement

SPRINGFIELD (AP) — Illinois' public pension system is getting $100 million from a settlement with JPMorgan Chase.

Attorney General Lisa Madigan says the money comes from a nationwide $13 billion deal between the bank, the U.S. Justice Department and several states.

More than $72 million heading to Illinois will go to the Illinois Teachers Retirement System. Another $16 million will go to the State Universities Retirement System, while $11 million will go to the Illinois State Board of Investment.

The bank acknowledged it misled investors about the quality of risky mortgage-backed securities ahead of the 2008 financial crisis.

JPMorgan was among the major banks that sold securities that plunged in value when the housing market collapsed in 2006 and 2007. Those losses triggered a financial crisis that pushed the economy into a recession.

Comments
Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Comments

National video



Reader Poll

An 82-year-old Sterling man recently parachuted from a plane for the first time. Would you ever skydive?
Yes, I've never done it but would try it
Yes, I've already skydived and enjoy it
No, I've never done it and don't want to
No, I've done it and don't want to again