BURLINGTON, Vt. (AP) - The City Council in Burlington, Vt., has unanimously approved a settlement in a lawsuit over the city's financially troubled provider of television, Internet and phone service.
Citibank sued Burlington in 2011. It alleged fraud and breach of contract in an effort to recover a portion of the $33.5 million advanced to the city in 2007 in a lease-purchase agreement intended to build the Burlington Telecom network.
The city terminated the agreement in 2010 when it was unable to make payments on the debt.
A proposed settlement was reached earlier this month.
Mayor Miro Weinberger said the council's vote Tuesday night represents another important step toward resolution of the city's Burlington Telecom challenges.
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