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SEC serves subpoena related to 38 Studios lawsuit

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The U.S. Securities and Exchange Commission subpoenaed the Rhode Island Commerce Corporation in December for information related to its $75 million loan guarantee to 38 Studios, The Providence Journal reports.

A pair of attorneys confirmed the subpoenas, which requested "depositions and exhibits related to the state's lawsuit against former ballplayer Curt Schilling," according to the publication. Shechtman Halperin Savage's Thomas E. Carlotto, general counsel for the RICC, said that the December subpoena was sent directly to Cohen & Gresser, a law firm that the Rhode Island Commerce Corporation hired in response to an SEC inquiry. Documents obtained last year by WPRI revealed the SEC's investigation and Cohen & Gresser's involvement.

The former Economic Development Corporation, which was rebranded as the Rhode Island Commerce Corporation on Jan. 1, 2014, provided the bonds that backed the state's loan guarantee to former Red Sox pitcher Curt Schilling's failed game development studio.

Rhode Island filed suit in November 2012 against Schilling and other executives, including those at the RICC, involved in the guarantee. Depositions in that case began in October 2013.