Vermont will pay $16.5M to settle lawsuits by foreign investors in fraudulent ski developments

By LISA RATHKE
Associated Press

The state of Vermont has agreed to pay $16.5 million to settle all pending and potential lawsuits against it from foreign investors in development projects at the Jay Peak resort. The ski area was shaken by a massive fraud case involving its former owner and president. Foreigners who invested through a special visa program sued the state and its immigrant investor regional center, accusing them of inadequately supervising the projects. In announcing the settlement Wednesday, the state said it will also continue to support investors’ pursuit of green cards. Officials say if that’s successful, the overall settlement payment will be reduced by $4 million.