EB-5 Investors Land Class Cert. In TD Bank Escrow Suit
· WOWERI
EB-5 investors may be eligible for compensation for lost funds. A judge certified a class of investors who claim TD Bank improperly released their funds from escrow.
Introduction
A Manhattan federal judge has certified a class of EB-5 investors who claim TD Bank improperly released nearly $50 million of their funds from escrow. This decision allows investors to join together and sue the bank for lost funds.
Background of the Case
EB-5 investors had invested in US projects, expecting to receive a green card in exchange for their investment. However, TD Bank released their funds from escrow, resulting in the loss of money and the derailment of their plans to obtain a visa.
Implications of the Decision
The certification of the class of investors means they can now bring a collective lawsuit against TD Bank. This decision may have significant consequences for the bank and investors, as it could lead to substantial financial losses for the bank and compensation for investors.
What to Do
EB-5 investors affected by TD Bank's actions are advised to consult with a lawyer to determine their rights and potential eligibility for compensation.
What to do next
- EB-1A Employment-Based First Preference — Order
- EB-2 National Interest Waiver — Order
- H-1B Work Visa — Order
Not sure it fits? Consultation $150
Source: law360.com