SEC, Wells Fargo agree to 38 Studios settlement, but delayed
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PROVIDENCE, R.I. — The U.S. Securities and Exchange Commission and Wells Fargo Securities say they have agreed in principle to settle a lawsuit over Rhode Island’s failed $75 million deal with former Boston Red Sox pitcher Curt Schilling’s videogame company.
But they said in a court filing on Thursday that final approval is delayed due to the government shutdown. They’re asking a federal judge to put the case on hold until the shutdown is over and the agreement can be considered and approved.
The SEC sued Wells Fargo and Rhode Island’s economic development agency in 2016, accusing them of making misleading statements about bonds used to fund the deal to move 38 Studios from Massachusetts to Rhode Island.
The economic development agency previously settled the case, paying a $50,000 penalty without admitting wrongdoing.
