Jay Peak Receiver Seeks OK For $13M Citibank Settlement

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Law360, New York (August 30, 2016, 9:28 PM ET) — The court-appointed receiver for Vermont’s embattled Jay Peak ski resort asked a Florida court Tuesday to approve a $13.3 million settlement with Citibank and end the bank’s part in the U.S. Securities and Exchange Commission suit against the resort’s owner.

The settlement will end the receiver’s attempt to retrieve $17 million that Jay Peak owner Ariel Quiros deposited with Citibank before the SEC sued him for allegedly misappropriating investments made under the EB-5 visa program.

“These funds will provide the receivership entities with much-needed liquidity in…

Source: Law360