There’s finally a modicum of good news for World Series athlete Curt Schilling and development house 38 Studios, as a settlement in their lawsuit has been reached. Parties agreed to a sum of $4.4 million, which has been approved by Rhode Island Superior Court Judge Michael Silverstein.
This deal is reached between plaintiffs Economic Development Corp. (EDC), who now apparently have changed their name to Commerce Corp, together with defendant law firm Moses Afonso Ryan, despite objections from other parties.
A deal was struck over the huge $75 million loan that was issued by the state of Rhode Island to 38 studios, for the creation of jobs and games like Kingdoms of Amalur: Reckoning. Initially, the suit was filed over the company misleading its benefactors, resulting in fraud and negligence.
While this does put an end to a nasty situation, it may not be the last, as attorney Max Wistow has been stated to be in talks with other defendants. This could possibly lead to more settlement figures being put out later on.
The state of Rhode Island is indebted for $89 million due to this event.
Along with Kingdoms of Amalur, 38 studios was also working on a massively multiplayer online (MMO) game, called Copernicus. This ambitious project was axed, as the studio and everything under it was shuttered under the huge financial burden brought on by the loan.
As a result of the lawsuit and the large figures, Curt Schilling was moved to auction off most of the studio properties, as well as personal memorabilia the athlete had collected during their baseball career.
Kingdoms of Amalur also suffered under the negative momentum of its studio. It was reported a failure upon launch, as it needed to sell 3 million to break even, of which it reportedly sold 1.2 million.
Source: Albuquerque Journal.