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

Appeals Court Ruling in Maryland Favorable for Illinois

“The U.S. Court of Appeals for the Fourth Circuit upheld a major reform made to Baltimore's police and firefighter pension plan on Wednesday, shedding light on how judges may view the recent raft of changes in public retirement funds around the country.

The court vacated a previous decision that the reform had violated the U.S. Constitution's contract clause, and also decided the change was permissible under Maryland's state constitution…” READ MORE

Tile: "U.S. appeals court says Baltimore pension reform legal"

Author: Lisa Lambert

Source: Reuters

Date Published: August 6, 2014

Unions File Motion in Sangamon County

"Yesterday, the We Are One Illinois coalition, along with other plaintiffs, filed a motion in Sangamon County urging the Circuit Court to enter judgment in the plaintiffs’ favor on the State’s affirmative defense in light of the recent Supreme Court decision in the case of Kanerva v. Weems. The We Are One Illinois coalition and other plaintiffs assert that the Kanerva decision confirms that the Pension Protection Clause in the Illinois Constitution is absolute and without exception, even with respect to the fiscal circumstances alleged by the State in its defense..." READ MORE

Title: "This just in...Unions file motion to 'gut' the state's pension case"
Author: Rich Miller
Source: Capitol Fax
Date Published: August 22, 2014