![]() To get the interest payment, Illinois residents aren't required to take any action. The settlement agreement approved Thursday says the state will now pay that interest based on the current rate of inflation or the monthly earnings rate of the state portfolio, whichever is greater, minus a $5 administrative fee, according to Frerichs' office. Constitution by holding private property without "just compensation," asking the court to force the state to pay interest on those funds. ![]() The plaintiffs filed the class action lawsuit in 2016, alleging the state was violating the U.S. Sign up for the weekly Chicago Catch-Up newsletter here. The unclaimed funds held by the state currently add up to an estimated $3.5 billion - with many Illinoisans unaware they're owed that money, some now with interest after Thursday's settlement.įeeling out of the loop? We'll catch you up on the Chicago news you need to know. Treasurer Mike Frerichs' office maintains a website on the funds - known as the ICash program - where Illinois residents can search their names to see if they are owed any unclaimed property, as well as submit a claim to obtain it. Since 1961, the Illinois Treasurer's Office has been tasked under state law with holding unclaimed money and property like forgotten stock dividends, rent deposits, abandoned bank accounts, uncashed checks, utility refunds and more. Judge Charles Kocoras approved the settlement agreement reached between the state of Illinois and attorneys for the plaintiffs who filed the lawsuit five years earlier to compel the state to begin paying interest on the unclaimed property in the state's possession. ![]() A federal judge on Thursday approved a settlement which now requires the state of Illinois to pay interest on unclaimed money it holds to the residents who rightfully own and claim it. ![]()
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