Make sure your child gets counseling if he or she needs it. Contact a local personal injury lawyer to see if there's a viable claim for bystander emotional distress.
There is no specific statutory time limit for the kind of notification that you feel should have occurred. Given the nature of the event, there were many tasks facing the school administration, and triage would have dictated that emergency and urgent time-sensitive tasks be completed first.
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Make sure your child gets therapy if, in fact, she witnessed the incident as this was certainly a traumatic experience.
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If you do not like the way the school handled the situation, you can file a grievance under the Board of Trustees' policies. While that may give you some satisfaction because you are doing something, I do not believe that anyone will be punished, nor should they be. What is it you would have done had you been called 5 minutes after this woman was killed? After 60 minutes? After 120 minutes? When is it that you believe you should have been called? You should focus your efforts on (a) making sure that someone qualified to deal with young children who witness and experience these types of events is available to work with your child; and (b) making sure procedures are in place so there are no more such bus incidents.
This is general information and should not be construed as legal advice. Without knowing the specifics of your situation and engaging in an attorney-client relationship I am unable to provide specific direction.