Illinois Attorney General Kwame Raoul has revealed plans to kick off the distribution of funds from a $70 million settlement, following a successful legal battle with several investment banks. In October last year, an accord was reached with Bank of America, Barclays Capital Inc., BMO Financial Corp., Citigroup Inc., Fifth Third Bancorp, JPMorgan Chase & Co., Morgan Stanley, William Blair & Co, and Edelweiss Fund LLC, settling allegations of interest rate manipulation on bonds, as reported by the Illinois Attorney General's office.

The deal, hailed as a dramatic victory under the state's False Claims Act, addresses the claims that these financial institutions rigged interest rates tied to variable rate demand obligations hurting the state and its municipalities, and after court approval, $33.6 million will find its way to various bond issuers in Illinois, even though the rest of the sum will land in the lap of Edelweiss who blew the whistle sparking the original complaint under the state's False Claims Act, and according to the settlement, the investment firm is to receive the rest as both a reward and legal expenses coverage.

"This historic settlement is the result of extensive negotiations," Raoul stated, emphasizing the significance of the funds in benefiting the Illinois taxpayers. The distribution framework for the multimillion-dollar payout can be scrutinized in the official court order.

Handling the legal muscle for Raoul's office, Division Chief Chris Wells together with Deputy Division Chief David Buysse from the Public Interest Division, Bureau Chief Harpreet Khera, and Complex Litigation Counsel Isaac Freilich Jones from the Special Litigation Bureau saw through the litigation, signaling yet another crackdown on corporate malfeasance that siphons off taxpayer money, every cent recouped symbolizes a small but meaningful victory for Illinois residents mired in the far-reaching consequences of deceptive financial practices employed by ostensibly trustworthy banks.