A federal judge has approved the terms of a settlement between the Rhode Island Commerce Corporation and the U.S. Securities and Exchange Commission in the case of the bankrupt 38 Studios.
U.S. District Judge Jack McConnell approved the $50,000 penalty the economic development agency has agreed to pay the SEC. The SEC accused the state’s economic development agency of misleading investors about the bonds funding the video game company.
Under the agreement, the commerce corporation would not be required to confirm or deny any wrongdoing to investors.
Former Red Sox pitcher Curt Schilling moved 38 Studios from Massachusetts to the Ocean State under a $75 million state loan guarantee.
