Illinois State Treasurer’s Office News Releases

SPRINGFIELD — The tech team at Illinois State Treasurer Michael Frerichs’ office is one of the world’s best, a recent cybersecurity competition showed. A three-person Information Technology team from the state treasurer’s office reached the semi-final round in the International Cyber League 2022 competition. The team finished 15th out of 500 that entered. Just 200 teams escaped the qualifying round, and the Illinois treasurer contingent was the only government team to do so. The treasurer team performed better than counterparts from some Fortune 100 companies and a branch of the…

SPRINGFIELD — A leading player in the sub-prime mortgage crisis must surrender more than $500,000 to Illinois taxpayers rather than use the funds to pay bankruptcy debt, Illinois State Treasurer Michael Frerichs said today. In a significant, precedent-setting case, a New York bankruptcy judge agreed that it was not enough for Ditech Holding Co. to say it tried to identify Illinoisans it owed money as a result of questionable lending practices for initial home loans and mortgage refinancing. Instead, the judge agreed with Frerichs that remaining unclaimed borrower funds should…