CHICAGO — The efforts of five Wisconsin school districts to recoup their ill-fated $200 million investment in collateralized debt obligations have received reinforcement in the form of possible Securities and Exchange Commission action against an investment bank for its role in the transaction.

Stifel, Nicolaus & Co. disclosed in a regulatory filing that it had received a Wells Notice from the SEC advising it that agency staff intends to recommend the filing of a civil or administrative enforcement against the firm for possible violations of securities laws relating to its role in the investment.

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