City and Burlington Telecom Reach Agreement in Lawsuit

By Joe Gullo

Published 02/03 2014 02:26PM

Updated 02/03 2014 02:39PM

BURLINGTON, Vt. - The city of Burlington signed an agreement with Citibank Monday.

The agreement settles a $33 million+ lawsuit against Burlington Telecom. The settlement calls for $10 million plus additional Burlington Telecom revenue.

"I'm pleased to announce to the people of Burlington that with this agreement, there is now for the first time a clear path resolution of our Burlington Telecom challenges," Burlington Mayor Miro Weinberger said. "The agreement - once completed in the months ahead - will accomplish all the goals the City has pursued over the past two years."

The agreement still needs to be approved by city council and the Vermont Public Service Board.

FOX 44 and ABC 22 reporter David Hodges will have more on this story tonight on ABC 22 at 6, 7 p.m. and FOX 44 at 10 p.m.

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