Judge extends deadline in SEC suit over 38 Studios deal
PROVIDENCE, R.I. (AP) The Rhode Island Commerce Corporation has been given more time to respond to charges in a lawsuit brought against it by the U.S. Securities and Exchange Commission over the state’s failed $75 million deal with former Boston Red Sox pitcher Curt Schilling’s video game company.
The Providence Journal reports (http://bit.ly/2ni7Fhh ) court records show a federal judge has given the economic development agency until April 10 to file its response. The response had been due on March 10.
The suit accuses the agency and Wells Fargo of making misleading statements about bonds used to fund the 38 Studios deal. The RICC has sought repeated extensions since December, citing a proposed settlement reached with the SEC.
Neither the SEC nor the RICC have disclosed the terms of the settlement proposal.
Information from: The Providence Journal, http://www.providencejournal.com