The state of Vermont has agreed to pay $16.5 million to settle all pending and potential lawsuits from foreign investors in development projects at the Jay Peak resort, the ski area that was shaken by a massive fraud case involving its former owner and president, officials said Wednesday.
The former owners of Jay Peak were accused of misusing more than half of about $400 million raised for ski area developments from foreign investors through a visa program that offered the investors a chance at permanent U.S. residency.
The state of Vermont has agreed to pay $16.5 million to settle all pending and potential lawsuits from foreign investors in development projects at the Jay Peak resort.