Dive Brief:

• The Securities and Exchange Commission has launched an informal investigation into whether or not Los Angeles Unified School District officials properly (and legally) used bonds when they entered a $1.3 billion iPad contract with Apple. 
• The investigation is primarily assessing whether or not school officials explained to investors how the bonds would be used. 
• News of the investigation comes within a week of LAUSD asking Apple for a refund on the bungled 1:1 initiative. 

Dive Insight:

The SEC's main duty is taking care of investors and making sure the market is used fairly. While the current investigation is informal, it will give everyone a better understanding of the story behind the massive Apple initiative. LAUSD officials reportedly told the Los Angeles Times that they feel confident that they followed California bond rules and no foul play occurred.