Group Attacks $13.3M Citibank Pact In Jay Peak EB-5 Suit

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Law360, New York (October 11, 2016, 3:54 PM EDT) — A group of EB-5 investors whose funds made up a portion of more than $200 million allegedly misused by the owner of Vermont ski resort Jay Peak told a Florida federal court Monday that a $13.3 million settlement with Citibank doesn’t fairly compensate them and should not be approved.

Eighty-nine so-called Phase VII investors who combined to raise $84.5 million for a biomedical facility in Vermont asked the court not to approve the August settlement, which taps a $17 million Citibank collateral account set up using…

Source: Law360