LAWSUITS NEWS & LEGAL INFORMATION
State Bank Fees Raised
Springfield, IL: (Apr-11-08) Illinois banks brought a lawsuit against the Blagojevich administration, after the governor raised fees on financial institutions in order to help pay for alleged general state costs. The suit claimed that the increases were too high, and that the fees the banks paid should be used for regulating banks, not regular state expenses.
Sources close to the negotiations stated that as part of a tentative agreement reached by both sides, a settlement could see cash-strapped Illinois getting $50.5 million into its coffers. The money, got as part of the higher fees, could get back into the state treasury. In exchange, the settlement will ensure lower fees for banks, credit unions and other financial institutions by an average of 13.5 %. Sources revealed that apart from the fee reduction, the agreement would cap the amount of banking fee money that could be tapped by the governor for general state spending. [JOURNAL GAZETTE TIMES-COURIER: SETTLEMENT COULD BRING $50M TO CASH-HUNGRY STATE COFFERS]
Published on Apr-15-08
Sources close to the negotiations stated that as part of a tentative agreement reached by both sides, a settlement could see cash-strapped Illinois getting $50.5 million into its coffers. The money, got as part of the higher fees, could get back into the state treasury. In exchange, the settlement will ensure lower fees for banks, credit unions and other financial institutions by an average of 13.5 %. Sources revealed that apart from the fee reduction, the agreement would cap the amount of banking fee money that could be tapped by the governor for general state spending. [
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