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You are here: Home / Business / Bank seizes $5.5 million from school districts

Bank seizes $5.5 million from school districts

March 26, 2010 By Brian Moon

A European Bank has seized $5.5 million from five Wisconsin school districts. The Kimberly, Kenosha, Whitefish Bay, Waukesha, and West Allis-West Milwaukee school districts borrowed $165 million from Depfa Bank, along with another 35 million in tax dollars, to buy shaky investments to prop up retirement accounts. The investments eventually dried up.

CJ Krawczyk, a lawyer representing the districts, says the seizure does not come as a surprise. The action was in accordance to their loan agreement.

CJ Krawczyk (:22)

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The Waukesha district had the most money seized, almost $2.5 million. Kimberly had the smallest amount seized, at just over $134,000.

The districts continue to sue several financial firms who put the deals together, saying the companies were misleading. In January, a judge refused a motion to dismiss the firms from the suit, which Krawcyk calls an “important victory.”

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Filed Under: Business, Education



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