Illinois gets $100 million in JPMorgan settlement
ASSOCIATED PRESS November 20, 2013 7:48AM
Updated: November 20, 2013 8:16AM
SPRINGFIELD — 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.