It seems like a pretty lame meeting to me.

I think you're his mom and you have the right to know what he is learning. If the homework is not representative of what he's doing in class, then I think it's totally fair to ask to see what he's doing in class. Can you observe the classroom during math time? That might be the best thing.
Do you know what he missed on the Grade 2 Math Placement Test? Is there a way to review those concepts with him and have him retested?
I'm not sure about due process. I hesitate to opine on that. I think you have to take another step now, but I'm not sure that's the step you want to take. Is there another option available?