Settlement will provide $22.5 million to 5 Wisconsin districts

From The Milwaukee Journal Sentinel: Five Wisconsin school districts that invested in $200 million worth of risky financial instruments that subsequently tanked in the economic collapse have reached a settlement with a financial firm they sued for leading them astray. Under the terms of the settlement, Stifel Nicolaus & Co. Inc. has paid $13 million to the districts - Waukesha, West Allis-West Milwaukee, Whitefish Bay, Kenosha and Kimberly - and provided a letter of credit for an additional $9.5 million to be paid when Stifel resolves a related case with the U.S. Securities and Exchange Commission. The latest settlement, coupled with money that came to them through an administrative settlement involving a different financial institution, means that almost $218 million has been recovered or will be restored to the districts, lawyers say.