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April 11, 2016

Posted  April 11, 2016

Illinois announced a $41 million settlement with Goldman Sachs as a result of the investment bank’s misconduct in its marketing and sale of risky residential mortgage-backed securities (RMBS) leading up to the 2008 economic collapse. The agreement is part of a $5 billion national settlement forged by the U.S. Department of Justice (DOJ), state attorneys general from New York and California and other federal entities. The settlement includes $25 million in relief for Illinois’ pension systems and $16 million in relief for Illinois consumers. The agreement stems from an investigation concerning the investment bank’s failure to disclose the true risk of RMBS investments. IL