Schools
Report: School District Lawsuit Settlement Talks Begin
School district's legal counsel meeting with Stifel Financial Corp. and Royal Bank of Canada.
The legal counsel representing Whitefish Bay School District in a lawsuit has plans to engage in settlement talks with the financial institituions they claim bilked them out of money.
Whitefish Bay is one of five Wisconsin school districts – including Waukesha, West Allis-West Milwaukee, Kenosha and Kimberly – suing Stifel Financial Corp. and other financial institutions, alleging the districts were misled when making $200 million in investments, which have drastically decreased in value. The school districts estimated in January 2010 that the investments were worth less than $10 million.
According to a report in the Milwaukee Journal-Sentinel, Stephen Kravit, one of the attorneys representing the districts, said the schools are engaged in the mediation process and hope to arrive at a settlement.
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The legal counsel for the school districts met with Stifel Financial Corp. and the Royal Bank of Canada in New York this month and asked a Milwaukee County circuit judge for time to continue those talks, according to the Journal-Sentinel.
In April, Patch reported .
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