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News » Bank claims Kimberly schools defaulted on loan
Mar. 25, 2010
The European bank that loaned millions to five Wisconsin school districts, including Kimberly, says the districts have now defaulted on their loan.
Kimberly borrowed $4.3 million as part of an investment that failed, and the districts are in the midst of a lawsuit against the firm that recommended the deal.
Bank lobbyist Bill Broydrick argues that the schools aren't honoring their "moral obligation" to pay back the loan.
Kimberly made the smallest investment of the five districts, and included $700,000 of its own money.
An attorney for the districts has said they are fulfilling their moral obligation by spending money on attorney fees, to try to re-coup the money that they owe the bank. |
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