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SPRINGFIELD, Ill. (AP) — Federal authorities announced Monday that Illinois has agreed to settle a securities-fraud charge that accused the state of misleading investors about the financial health of its public-employee pension systems, which are now $96.7 billion short of what’s needed to cover promised retirement benefits.

In a cease-and-desist order issued by the Securities and Exchange Commissions, Gov. Pat Quinn’s administration admitted no wrongdoing in the way state officials borrowed money to pay pension obligations through $2.2 billion in municipal bond sales from 2005 to early 2009.

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