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.
Please read our comment policy before commenting.