Illinois to get $100 million from JPMorgan settlement - WREX.com – Rockford’s News Leader

Illinois to get $100 million from JPMorgan settlement

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SPRINGFIELD (WREX) -

The state's public pension system stands to receive $100 million from a $13 billion settlement between JPMorgan Chase, the U.S. Justice Department, and several states.

Over $72 million of the money Illinois will receive will go toward the state's Teachers Retirement System. The State Universities Retirement system will receive $16 million and $11 million will go to the Illinois State Board of Investment.

The settlement came after JPMorgan admitted to misleading investors about risky mortgage-backed securities before the 2008 financial crisis.

The bank was among several major financial institutions that sold securities that ended up plunging in value during the housing market collapse in 2006 and 2007. Those losses helped to trigger a recession.

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