Wells Fargo Pays $17.25M to Settle Illinois RMBS Charges
December 7, 2018
Wells Fargo has agreed to a settlement with the State of Illinois to resolve charges related to the marketing and sale of its residential mortgage-backed securities (RMBS) prior to the 2008 economic crisis.
Under terms of the settlement, Wells Fargo will pay $17.25 million to the state government, which will then distribute the funds among the Teachers Retirement System of the State of Illinois, the State Universities Retirement System of Illinois, and the Illinois State Board of Investment, which oversees the State Employees’ Retirement System. The settlement is the ninth agreement that Illinois Attorney General Lisa Madigan has reached with major financial services institutions on their RMBS sales in the previous decade.
“With this settlement, I have recovered over a half a billion dollars for Illinois as a result of misconduct by banks and rating agencies in the mortgage-backed securities market,” Madigan said. “It has been 10 years since the housing crisis, and I am still taking actions to clean up Wall Street’s greed and misconduct on behalf of the state and Illinois homeowners.”
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