CHICAGO — A Milwaukee County Circuit Court judge ruled yesterday that a lawsuit filed by five southeastern Wisconsin school districts against several financial firms over the safety of an investment involving synthetic collateralized debt obligations can proceed.

The ruling comes as the districts’ $200 million investment — partially financed with bond proceeds in an effort to bring down the districts’ unfunded liabilities for their other post-employment benefits, or OPEBs — has lost about $190 million of its value, according to court documents.

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