Jay peak investor group drops objection citibank settlement
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The water park at Jay Peak had cost overruns.
One of two groups of investors who challenged a $13.3 million settlement with a bank for a developer facing fraud allegations in development projects in northern Vermont have withdrawn their objection.
“After a number of detailed conversations with counsel representing the Federal Receiver concerning the state court plaintiffs’ objections, language was discussed regarding the Final Approval Order that satisfactorily addresses the matters raised by state court Plaintiffs’ objections,” Florida attorney Roberto Villasante wrote in a recent filing.
Villasante represents a group of eight investors in a pending state lawsuit in Florida against “various entities and individuals in order to perfect their rights and collect damages that result from misappropriated investments made in Jay Peak Resort entities.”
The attorney earlier this month filed an objection to a proposed $13.3 million settlement with Citibank, a financial institution used by one of the developers, Ariel Quiros, a Miami businessman.