Kimberly Area School District's investment lawsuit goes to court

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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.

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