Friday, November 21, 2014

Judge John Belz Ruling on Pension Reform Bill

“Judge John Belz of the Sangamon County Circuit Court ruled today that Illinois’ pension reform bill – Senate Bill 1 – is unconstitutional.

Belz’s ruling is the first step in what likely will be a long legal process to determine whether that law can be implemented and what types of pension reform will withstand a court challenge in the future. The case will now head to the Illinois Supreme Court, where the final decision will be made on this law…” READ MORE

Title: “Circuit court rules Illinois pension bill unconstitutional”
Source: Illinois Policy
Date Published: November 21, 2014

Court Rules Pension Law Unconstitutional

"An Illinois judge has ruled that a law intended to fix the nation's worst state employee pension crisis violates the state Constitution.

Illinois Attorney General Lisa Madigan said she would immediately appeal the ruling to the state supreme court and ask it to rule on the matter on an expedited basis.

Sangamon County Circuit Judge John Belz ruled Friday in favor of state employees and retirees who sued to block the state's landmark pension overhaul..." READ MORE

Title: "Illinois pension reform law is unconstitutional, judge rules"
Source: Sun-Times Wires
Date Published: November 21, 2014

Sangamon County Pension Litigation Ruling

Click here to read the ruling from the Circuit Court for the Seventh Judicial Circuit - Sangamon County on the Pension Litigation.

State Senator Rose Addresses Pension Ruling

"...I always try to get you information as soon as possible. This afternoon, the Illinois circuit court in Sangamon County struck down Senate Bill 1, so the so called Pension Reform Law. He ruled it was unconstitutional…” READ MORE

Title: “51st District Report”
Source: State Senator Chapin Rose
Author: State Senator Chapin Rose
Date Published: November 21, 2014

Monday, August 25, 2014

Illinois to Benefit from Bank of America Settlement

"A clutch of states including California, New York and Illinois will share in a mini-bonanza from the $16.65 billion settlement agreed by Bank of America Corp on Thursday.

The settlement announced by the U.S. Department of Justice calls for the second-largest U.S. bank to pay a $9.65 billion cash penalty on charges that it misled investors into buying troubled mortgage-backed securities, and provide $7 billion of relief to struggling homeowners and communities.

Six states will reap nearly $1 billion between them as well as benefiting from cash for consumer relief credits - to be put towards items such as principal reductions for certain types of Federal Housing Administration mortgages..." READ MORE

Tile: "New York, California reap mini-bonanza from Bank of America settlement"
Author: Megan Davies
Source: Reuters
Date Published: August 21, 2014