Illinois' share of a national settlement with Bank of America is $300 million. 200 million will go to cover losses incurred by state penison systems. The remaining $100 million will go to consumer relief. "This also isn’t the first settlement we’ve had with Bank of America. In fact, it’s the fourth settlement with Bank of America,” Illinois Attorney General Lisa Madigan said.
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Madigan says there could be more settlements from other banks down the line. Nationally, the settlement with Bank of America adds up to $16.6 billion, which is the largest deal the Justice Department has made with a financial institution for their role in the 2008 mortgage crisis.
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