published on March 20, 2019 - 12:55 PM
Written by Associated Press

(AP) — A federal judge has approved an agreement for Wells Fargo Securities to pay an $800,000 civil penalty to end a lawsuit by the U.S. Securities and Exchange Commission over Rhode Island’s failed $75 million deal with former Boston Red Sox pitcher Curt Schilling’s video game company, 38 Studios.

Wells Fargo doesn’t admit or deny wrongdoing under terms of the judgment entered Wednesday. Claims against a Wells Fargo employee are still pending.

A Wells Fargo spokeswoman says officials look forward to putting the matter behind them.

The case represents the final legal battle over 38 Studios . The state’s economic development agency used bond funding to lure the company from Massachusetts to Rhode Island, where it went bankrupt.

The SEC accused Wells Fargo and the economic development agency of making misleading statements.


e-Newsletter Signup

Our weekly poll

Are you willing to travel for business again?

Loading ... Loading ...

Central Valley Biz Blogs

Popup
shares

3/5

Article views

remaining

Sign up icon

To continue website access to

TheBusinessJournal.com

please create a FREE account OR login here.

1/5

Article views

remaining

SKIP THE POP-UPS
For only $59 for one 1-year you will receive the Print edition along with EVERYTHING The Business Journal has to offer digitally, PLUS you will have unlimited 24- hour a day access to view articles at

TheBusinessJournal.com

Use Promo Code

*New Subscribers Only

Digital and Print

XX Days Remaining

until you can view 5 more free articles

Sign up icon

Want access? Subscribe now & save $20 OFF.

Use Promo Code

WEBSUB20

* NEW SUBSCRIBERS ONLY