Jay Peak ski area receiver reaches $32.5M settlement with Quiros’ law firm

MONTPELIER, Vt. (AP) - The court-appointed receiver overseeing Jay Peak and other related properties after the ski area’s owner was accused of massive fraud using foreign investors’ money has reached a $32.5 million settlement with a law firm.

The deal must be approved by the court. Vermont’s Financial Regulation commissioner says the settlement was reached with Mitchell Silberberg & Knupp LLP for its role in providing legal advice to former Jay Peak owner Ariel Quiros and the projects through the EB-5 visa program.

He says it will benefit both “the Jay Peak investors and help mitigate any financial uncertainty to the ski resorts as a result of COVID-19.”