$13.3M Citibank Deal OK’d In Jay Peak EB-5 Suit

Law360, New York (October 19, 2016, 2:45 PM EDT) — A Florida federal judge on Tuesday approved Citibank’s $13.3 million settlement with a group of EB-5 foreign investors whose funds were part of more than $200 million allegedly misused by the owner of Vermont ski resort Jay Peak, agreeing with the investors that they have a right to a portion of the settlement funds.

U.S. District Judge Darrin P. Gayles granted the motion in its entirety, saying that court-appointed receiver Michael I. Goldberg of Akerman LLP has an immediate need for the settlement funds to benefit…

Source: Law360