MONTPELIER, Vt. (AP) - The federal receiver overseeing two Vermont ski resorts after their owner was accused of massive fraud involving foreign investors’ money has reached a proposed $1.75 million settlement with People’s United Bank.
The bank was accused of misappropriating investor funds. A final approval hearing is scheduled for July 1. According to a notice from receiver Michael Goldberg, the settlement is between a group of investors that filed a complaint in federal court, the receiver and the bank.
It settles all claims that were and could have been asserted against the bank by the investors and receiver.
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Settlement reached with bank in Kingdom Con case - WCAX
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