RI high court denies 38 Studios appeal

PROVIDENCE, R.I. (WPRI) – The R.I. Supreme Court on Friday denied an appeal by one of the defendants in the state’s lawsuit against the architects of the failed 38 Studios deal.

Wells Fargo Securities, one of the banks that helped bring Curt Schilling’s video-game company to Rhode Island, had sued to block a settlement reached over the summer between the state and two other defendants in the suit, law firm Moses Afonso Ryan and lawyer Antonio Afonso Jr.

Wells Fargo argued a law passed by the General Assembly to allow settlements in the 38 Studios lawsuit was unconstitutional. The Supreme Court declined to hear the bank’s appeal.

In 2010, the former R.I. Economic Development Corp. guaranteed a $75-million loan to lure 38 Studios to Rhode Island. The company collapsed into bankruptcy in May 2012, and the Chafee administration sued the architects of the deal for alleged negligence the following November.

Pretrial motions in the 38 Studios suit are still being heard in Superior Court. A trial date in the case has not been set yet.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s