Wis. schools suit over soured investments proceeds

Associated Press

3:39 p.m. CST, January 28, 2010

MILWAUKEE, Wis. - A Milwaukee County Circuit Court says the lawsuit by five Wisconsin school districts against several banks over millions in soured investments can proceed.

On Thursday, Judge William W. Brash III denied motions to dismiss the districts' lawsuit against Stifel, Nicolaus & Co. Inc. and Royal Bank of Canada Capital Markets and RBC Europe.

The Milwaukee Journal Sentinel reports that school officials claim they were misled into investing millions of dollars of borrowed money in risky investments.

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