Kimberly Area School District's investment lawsuit goes to court

Legal Business Posted on

KIMBERLY — An investment made by five Wisconsin school districts in 2006 would have been enough to cover more than two-thirds the cost of the 2003 Lambeau Field renovation.

Today, what's left of those dollars wouldn't be enough to cover one year of Green Bay Packers quarterback Aaron Rodgers' salary.

It's a tough break, say attorneys for two financial firms. Still, they argue, it's not fraud as Kimberly and four other school districts allege.

A Milwaukee County judge on Tuesday will hear dismissal motions filed by the firms that argue the districts, which include the Kimberly Area School District, shouldn't be able to recoup a total $200 million through a civil lawsuit.

As of September, the investment held just 3.4 percent of its sale value. The districts filed the lawsuit in September 2008.

Tuesday's hearing, set for 9 a.m. in Judge William Brash's court, will be the first time the matter reaches a courtroom.

Terry Johnson, an attorney for the Royal Bank of Canada, argued in court documents the districts accepted the risk of their investment in collateralized debt obligations and initially benefited from strong returns.

Legal News Media

Legal News is the top headline legal news provider for lawyers and legalprofessionals. Read law articles and breaking news from law firm's across the United States to get the latest updates. We reserve the right, at our discretion, to change, modify, add, or remove portions of the site at any time. Your This site is solely for your personal use. You are, of course, welcome to print or otherwise copy material from this site for your personal use. However, you may not distribute, exchange, modify, sell or transmit anything you copy from this Site, including but not limited to any text, images, audio and video, for any business, commercial or public purpose. Any unauthorized use of the text, images, audio and video may violate copyright laws, trademark laws, the laws of privacy and publicity and civil and criminal statutes.

 

American Bar Association – Start and Run a Law Firm

NewYorkStateBar.com – Starting a Law Firm

CPA Website Designs