dark        
spacer

Judge okays first settlement in 38 Studios lawsuit

0

$4.4 million agreement between Rhode Island EDC and bond attorney approved

A judge has approved the first settlement in Rhode Island's lawsuit over the ill-fated $75 million deal that brought Kingdoms of Amalur developer 38 Studios to the state in 2010.

The ruling from Superior Court Judge Michael Silverstein approved the $4.4 million settlement between the state agency once called the Economic Development Corp. and bond attorney Antonio Afonso Jr. and his law firm Moses Afonso Ryan. The complaint alleges the defendants deliberately misled the state into approving the colossal loan guarantee.

Afonso and his group are among 14 defendants named in the EDC's suit, which recounts accusations of negligence, fraud, and breach of fiduciary duty. There could be more settlements in the future, though, with EDC attorney Max Wistow previously making mention of having other discussions with multiple defendants.  

The state presently remains on the hook for $89 million in debt resulting from the arrangement.

Judge approves 1st settlement in 38 Studios case [AP]


You are logged out. Login | Sign up

 
 

 

TwitterRedditEmailFacebook
 
Kyle MacGregor Burleson
Kyle MacGregor BurlesonWeekend Editor   gamer profile

used to work Now I just hang around and make a more + disclosures


 



Filed under... #38 Studios #Kingdoms of Amalur #lawsuit #Legal System #Politics

READER COMMENTS LOADING BELOW...


LET'S KEEP THE COMMUNITY GREAT


You're not expected to always agree, but do please keep cool and never make it personal. Report harassment, spam, and hate speech to our community team. Also, on the right side of a comment you can flag nasty comments anonymously (we ban users dishing bad karma). For everything else, contact us!