Gaming News, Game Reviews, Game Trailers, Tech News



 
FACE IT
 

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]


The article continues below. Login to skip ads, get faster mobile, and dibs on betas
 
 

 

TwitterRedditEmailFacebook
 
Kyle MacGregorWeekend Editor // Profile & Disclosures
Fronts2235Posts35Blogs 58Following70Followers111

are two rules to remember if you want to have a good Rule #1: Never run out of Colt Rule #2: Never forget Rule more


 



#38 Studios #Kingdoms of Amalur #lawsuit #Legal System #Politics
 
 


READER COMMENTS LOADING BELOW...

Please login (or) make a quick account (free)
to view and post comments.



 Login with Twitter

 Login with Dtoid

Three day old threads are only visible to verified humans - this helps our small community management team stay on top of spam

Sorry for the extra step!

 
spacer