JPMorgan Chase

Big Bank Settlement
8:25 am
Wed November 20, 2013

JPMorgan Chase To Pay Illinois Pension Funds $100 Million

Chase Tower in Chicago.
Credit John Picken (flickr.com/picken)

The bank JPMorgan Chase will pay Illinois' pension funds $100 million under a national settlement announced Tuesday. The payment is a result of the bank's misconduct leading up to the Great Recession.

Like a lot of investors in the last decade, Illinois' pension funds had a good chunk of change in mortgage-backed securities. Once the housing market collapsed and homeowners began defaulting, the value of those securities collapsed, too.

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