Five Wisconsin school districts could face combined losses of tens of millions of dollars in a complex investment scheme to help fund employee retirement benefits, according to investigators hired by the districts.
The value of district investments has declined by $120 million - or 60% - since the transactions were undertaken within the last two years, according to a news release from a public relations firm for the attorneys who examined the deals.
School district officials released statements accompanying the news release Wednesday, saying they were misled by a financial adviser, and that the investments were much riskier than they had been told.
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