Vt. Supreme Court deals blow to state in EB-5 suit
Investors can sue for being misled
Vermont’s highest court has reversed a decision in an EB-5 investor lawsuit against the state commerce agency.
The state Supreme Court decision issued Friday allows investors to proceed with claims of negligence, breach of contract, and breach of good faith against the state Agency of Commerce and Community Development for lax oversight of Jay Peak Resort projects.
“We affirm the dismissal of the negligence claims against the individually named defendants,” the justices ruled. “However, we conclude that plaintiffs have stated claims for negligence and negligent misrepresentation against ACCD and that the Vermont Tort Claims Act waives the state’s sovereign immunity with respect to these claims.”
The lawsuit now goes back to the trial court for an airing of the claims.
- United States of America vs Ariel Quiros & Bill Stenger
- Michael I. Goldberg vs Ariel Quiros
- MICHAEL I. GOLDBERG vs The AM Wealth Management Group of Raymond James & Ariel Quiros & Joel Burstein
- JAMES B. SHAW, JOHANNES EIJMBERTS, and LORNE MORRIS Individually and On Behalf of All Others Similarly Situated, vs The AM Wealth Management Group of Raymond James & Bill Stenger & Joel Burstein & Ariel Quiros
- ALEXANDRE DACCACHE, on behalf of himself and all others similarly situated vs Ariel Quiros & Bill Stenger & The AM Wealth Management Group of Raymond James & Joel Burstein
- State of Vermont vs Bill Stenger & Ariel Quiros
- UNITED STATES SECURITIES AND EXCHANGE COMMISSION vs Ariel Quiros & Bill Stenger
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