Lincoln Public Schools will get $500,000 from a class-action lawsuit as part of a federal anti-trust investigation into the municipal bond market.
The Lincoln Journal Star says school officials didn't realize they were part of the lawsuit until they received notice about a settlement earlier this year. The Lincoln Board of Education authorized district officials Tuesday to proceed with the settlement.
A U.S. Justice Department investigation revealed that people in various investment companies rigged a bidding process used by local governments to invest bond proceeds until they needed to use them. One of the government entities was Lincoln Public Schools.
Numerous people have been convicted or agreed to plead guilty as a result of the investigation. Federal and state lawmakers have reached settlements with various investment providers.