Chinese Investors Reach Deal In $50M Project Fraud Suit

By Clark Mindock (December 2, 2020, 2:52 PM EST) -- A group of 88 Chinese nationals who collectively invested $50 million in a Chicago tower project that went nowhere have reached a settlement with the developer that would see all their money returned plus fees.

The Chinese investors asked an Illinois federal judge Tuesday to approve the agreement with Carillon Tower LP, years after the initial investments were made in late 2015 and 2016. The terms of the agreement, which was negotiated after both sides came to the negotiating table in October, would return the principal investments plus the $50,000 investment fees for a total of $550,000 to each class member....

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