Fla. Judge Certifies Class In $100M EB-5 Fraud Suit

By Nathan Hale (June 28, 2021, 5:00 PM EDT) -- A suit accusing a Florida real estate developer of duping foreign investors out of $100 million took a big step forward as a federal judge certified a class, rejecting arguments that some investors' participation in a parallel state court suit made class treatment inappropriate.

U.S. District Court Judge Aileen M. Cannon narrowed the proposed class definition to specifically exclude any investors who reach settlements in the state court litigation, but otherwise her order Friday rejected efforts by defendant Nicholas A. Mastroianni II and several entities he controls to limit the claims to the two lead plaintiffs, Chinese nationals Ting Peng and...

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