AP NEWS

Bank objects to bar order shielding former ski resort owner

December 18, 2018

MONTPELIER, Vt. (AP) — A financial institution has filed an objection to a federal receiver’s motion to block any further litigation against the former owner of the Jay Peak ski resort in Vermont.

The Caledonian-Record reports a hearing concerning the filing by People’s United Bank N.A. and its parent company, People’s United Financial Inc., is scheduled for Wednesday. People’s United claims the bar order protects and benefits Ariel Quiros at the expense of the institution and others.

Quiros and the resort’s former president were accused of misusing over $200 million raised through Vermont’s immigrant investor program. Both men reached settlements with authorities.

People’s United is calling for the court to “reject the proposed bar order as an inappropriate and unjust windfall to Quiros.”

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Information from: The Caledonian-Record, http://www.caledonianrecord.com

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