Illinoisâ€™ share of a settlement with one of the countryâ€™s largest banks will be $84 million.
Thatâ€™s part of the $7 billion the bank is paying for its role in marketing and selling risky mortgage-backed securities leading up to 2008 financial crisis. Several public pension funds, including the Illinois Teachers Retirement System and the State Employeesâ€™ Retirement System, will able to recoup losses from those investments.
â€śThis will be $44 million to the pension funds,â€ť Illinois Attorney General Lisa Madigan said, â€śso it is a help, but it does not fully eliminate the unfunded liability.â€ť
Madigan says the remaining $40 million will go to consumer assistance programs, including blight reduction in areas with large numbers of foreclosed homes.