Wednesday, September 24, 2014

Making the big banks pay

Attorney General Lisa Madigan today announced a record $300 million settlement with Bank of America over of the bank’s misconduct regarding risky mortgage-backed securities.

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 and also joined by attorneys general from California, Delaware, Massachusetts, New York and Kentucky. The settlement includes recoveries for RMBS issued by Countrywide and Merrill Lynch, both of which were acquired by Bank of America.

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