Law Office of Henry B. LaTorraca Civil Trial Attorney

Foreign investors sue companies for failed hotel project

According to news sources, a lawsuit was recently filed in California by a group of 60 Chinese investors against the developers and managers of the SLS Las Vegas Hotel project. In the complaint, the investors allege that they were defrauded out of their money to fund the project because they did not receive green cards that they claim were promised to them.

The investors reportedly each paid $545,000 to the developers and managers. In exchange, they claim they were told that they would receive green cards within 30 months of making their investments. The investments were made through the EB-5 investment visa program, which requires investments that result in at least 10 U.S. jobs and that are sustained.

The plaintiffs allege that the explanation of the EB-5 program was written in English. They also claim that the hotel has not been profitable and is headed for bankruptcy. The hotel is currently in the process of being sold, and the investors claim that if the sale is completed, their investments won't qualify under the EB-5 program.

Breach of contract actions may result from domestic or international business disputes. When a breach is severe enough to prevent the parties from continuing their contractual duties, it may need to go through litigation or arbitration to be resolved. Experienced commercial and business law attorneys may be able to help their clients to resolve minor contract disputes outside of the court process through negotiations. In cases involving serious contract breaches, the lawyers may advocate for their clients through arbitration hearings or jury trials. By taking care in drafting and reviewing contracts before entering into them, business owners may reduce the likelihood of business litigation.

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