ATTORNEY GENERAL MADIGAN COLLECTS NEARLY $1 BILLION IN STATE REVENUE IN 2016
Recoveries for state pension systems brings total pension recoveries by Attorney General Madigan to over $400 million
Chicago — Attorney General Lisa Madigan today announced her office collected $989,858,586 in revenue on behalf of the state through litigation and collection efforts in 2016. Since Madigan took office, her office has collected over $13 billion on behalf of the state.
“I am committed to continuing my work to generate hundreds of millions of dollars in funding for Illinois during this terrible fiscal crisis that has harmed our state,” Madigan said. “In total, I have brought in more than $13 billion for the state since I took office including millions of dollars in funding for our state’s pension systems.”
The revenue collected by Madigan in 2016 included $47.5 million for Illinois’ pension systems from settlements with Morgan Stanley and Goldman Sachs for the investment banks’ misconduct in its marketing and sale of risky residential mortgage-backed securities leading up to the 2008 economic collapse. The settlement with Goldman Sachs also included $16 million in consumer relief. In addition to those settlements, Madigan has reached five other settlements relating to investments in mortgage-backed securities that have secured over $400 million of relief for the pension systems.
In addition, Madigan’s office collected over $346 million through collections litigation, including cases involving the collection of funds for damage to state property, child support enforcement, fines and penalties. Madigan also collected more than $278 million through tobacco litigation and more than $317 million in estate tax revenues.