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Rhode Island Commerce Corporation Reaches $16 Million Dollar Settlement with First Southwest Company in 38 Studios Lawsuit

Settlements Total Nearly 70 percent of the $88 million state moral obligation on the 38 Studios bonds.

The Rhode Island Commerce Corporation announced today it has agreed to a $16 million proposed settlement with Hilltop Securities Inc. (formerly First Southwest Company) in the 38 Studios litigation. The settlement was filed in Rhode Island Superior Court today and is contingent upon court approval.

If the Court approves the settlement, the Corporation will have obtained settlements totaling approximately $61 million in the 38 Studios litigation, nearly 70 percent of the approximately $88 million state moral obligation on the 38 Studios bonds for both past and future appropriations.

The Corporation previously settled claims against Curt Schilling, Thomas Zaccagnino, Richard Wester, Jennifer MacLean, and their insurer, Starr Indemnity and Liability Company for $2.5 million in September 2016; Wells Fargo Securities, LLC and Barclays Capital Inc. for $25.625 million in August 2016; Antonio Afonso, Jr. and Moses Afonso Ryan Ltd. for $4.4 million in June 2014; and Adler, Pollock and Sheehan P.C., Robert I. Stolzman, J. Michael Saul, and Keith W. Stokes for $12.5 million in August 2015.

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