Attorneys for EB-5 investors could get $5.5M from state settlement
Attorneys for investors defrauded in the EB-5 scandal could get $5.5 million from a settlement reached with the state of Vermont.
The remaining funds will likely go to investors.
According to recent court documents, plaintiffs who haven't received their green card are in line to get more money from the $16.5 million settlement.
Payments could range from $1,000 to $75,000.
The state of Vermont agreed in July to settle more than 30 lawsuits that alleged it didn't properly oversee the EB-5 program — which granted green cards to foreign investors who poured money into economically depressed regions. Seven years ago, federal regulators revealed that two prominent Northeast Kingdom developers embezzled more than $200 million through the program.
A federal judge still needs to sign off on the payment amounts — and a bar order, which would prevent any future lawsuits from being filed.
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