A group of Chinese investors sued various South Dakota entities involved in the state's disastrous EB-5 program in state court, hoping to recover their $18.5 million investment.
Also known as the Employment-Based Fifth Preference Immigrant Investor Program, EB-5 is a federal program that grants foreigners conditional resident status in exchange for $500,000 to $1 million investments in American businesses.
In September, the federal government shut down South Dakota's EB-5 program, which was run locally by the South Dakota Regional Center under the supervision of the Department of Tourism and State Development, for ongoing corruption.
Now plaintiff LP6 Claimants, a group of Chinese nationals who invested in South Dakota meat processing plant Northern Beef Packers as part of the EB-5 program, are suing to recover their squandered investment.
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