RI legislature approves bill for 38 Studios settlements

The Rhode Island Senate unanimously approved legislation this week that encourages out-of-court settlements in the 38 Studios lawsuit, the Associated Press reports.

Governor Lincoln Chafee's office submitted legislation earlier this month to encourage settlements against former Red Sox pitcher Curt Schilling's bankrupt 38 Studios. The state filed suit in late 2012 against executives at the developer and members of the former Rhode Island Economic Corp. (now known as the Rhode Island Commerce Corp.) over the $75 million loan guarantee overseen by the Corp. and provided by the state in 2010.

Last week, citing precedent for the proposal, the lead attorney for the Rhode Island Commerce Corp., Max Wistow, urged a Senate committee to pass the legislation because recoverable resources were "being eaten up very rapidly."

"Any settlement in this case is going to be a benefit to the taxpayers," Wistow said to the R.I. House Judiciary Committee.

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