Illinois treasurer sues Sprint over rebates for state residents

Illinois Treasurer Michael Frerichs Tuesday said he has filed a lawsuit in Cook County Circuit Court against Sprint (NYSE: S). The lawsuit alleges that the Overland Park-based company has failed to pay nearly 32,000 Illinois residents an estimated $2.7 million in rebates due them after they purchased a product or service from Sprint. Frerichs' lawsuit alleges Sprint and its clearinghouse partner, Young America Corp., kept the money.

The Treasurer's Office said it has the ability to sue because rebates…