UNB! News New England

Judge to consider final $16M settlement in 38 Studios deal

PROVIDENCE, R.I. (AP) — A judge is scheduled to consider whether to approve a $16 million settlement that would end the lawsuit over Rhode Island’s failed $75 million deal with the video game company started by former Red Sox pitcher Curt Schilling.

Superior Court Judge Michael Silverstein is expected to hear Friday from the state economic development agency and the state’s financial adviser on the deal.

38 Studios moved from Massachusetts to Rhode Island in 2010 in exchange for a $75 million loan guarantee, then went bankrupt.

If approved, combined settlements in the case will total about $61 million.

Still pending is a U.S. Securities and Exchange Commission lawsuit against Wells Fargo and the economic development agency. It accuses them of making misleading statements about bonds used to fund the deal.

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