Madigan: Illinois To Get $300M From Settlement With Bank Of America

CHICAGO (AP) — Illinois Attorney General Lisa Madigan says the state will receive $300 million in its share of a national settlement with Bank of America.

The deal announced Thursday by the U.S. Justice Department stems from the bank’s role in the sale of mortgage-backed securities in the run-up to the financial crisis.

Nationwide, the settlement adds up to more than $16.6 billion. It’s the largest deal the Justice Department has reached with a bank over the 2008 mortgage meltdown.

In Illinois, the settlement includes $200 million to fully recover losses incurred by Illinois’ pension systems and $100 million in consumer relief.

An independent monitor will oversee the relief distribution.

Madigan says Bank of America and its subsidiary Countrywide “were major players in virtually every aspect of the market that caused the crisis.”

(TM and © Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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