On the facts that you have stated, the school has acted appropriately and there is no discernible need or basis for a lawsuit. The teacher has been timely disciplined and knows that principles of progressive discipline may soon apply if the conduct is repeated. But you do not have the kinds of injuries or facts that support a lawsuit against the school.
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You have a civil claim against the teacher and the school system (maybe county or state too), and you can file criminal charges. You may even have a frederal 1983 action, which is a civil rights claim. You should consult with an attorney immediately. When suing the government, there are certain notification deadlines and if you try and do it yourself, or if you don't notify the correct person or office with the correct information, you can forever lose your
You my have a civil action agianst the teacher and the school, depending on how much notice the school administration had of this teaher's conduct. The damages would be limited and this is always an impotant consideration in the decision of whether or not to file suit. I suggest that you speak to an attorney in your area to discuss your options. One option might be to request a meeting with school personnel and counsel to assure that your son is not subjected to this kind of treatment again.