The Chicago Public Schools has missed the opportunity to file for arbitration to recover losses from controversial auction-rate securities, reports the Chicago Tribune.
The six-year window to file for arbitration with the Financial Industry Regulatory Authority has passed for the cash-strapped school district.
When questioned by the Chicago Tribune, representatives from CPS said they did not know whether the district had weighed submitting such a claim. There is still the option of CPS going to state court in an effort to recover losses from the deals.
In a statement to the newspaper, the district said it "has not made any definitive decisions regarding claims about auction-rate securities."
According to a Tribune analysis, CPS entered into auction-rate bond and interest-rate swap agreements with financial institutions between 2003 and 2007 that could cost at least $100 million more over the life of the contracts than traditional borrowing methods would have.