Some Wisconsin school districts are reeling after a risky financial investment produced disastrous consequences--including severe injury to school operating budgets and teacher retirement funds.

Two years ago, school board members across Wisconsin tried to help save teachers' retirement plans by borrowing money from a European bank in an investment that reportedly promised big profits.

Now, these five Wisconsin school districts--Kenosha, Kimberly, Waukesha, West Allis-West Milwaukee, and Whitefish Bay--are suing the investment firm of Stifel, Nicolaus & Co. Inc., as well as the Royal Bank of Canada, in Milwaukee County Circuit Court over their $200 million loss. The districts say the investment firm...

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