Curt Schilling agreeing to $2.5 million settlement in 38 Studios case

Lawsuit arose after video game company failed

FILE - In this Wednesday, May 16, 2012, file photo, former Boston Red Sox pitcher Curt Schilling, center, is followed by members of the media as he departs the Rhode Island Economic Development Corporation headquarters, in Providence, R.I. The U.S. Securities and Exchange Commission on Monday, March 7, 2016, charged Rhode Island's economic development agency and Wells Fargo with defrauding investors in the state's disastrous $75 million deal with 38 Studios, the failed video game company started by the former Red Sox pitcher. (AP Photo/Steven Senne, File)
FILE - In this Wednesday, May 16, 2012, file photo, former Boston Red Sox pitcher Curt Schilling, center, is followed by members of the media as he departs the Rhode Island Economic Development Corporation headquarters, in Providence, R.I. The U.S. Securities and Exchange Commission on Monday, March 7, 2016, charged Rhode Island's economic development agency and Wells Fargo with defrauding investors in the state's disastrous $75 million deal with 38 Studios, the failed video game company started by the former Red Sox pitcher. (AP Photo/Steven Senne, File)

PROVIDENCE, R.I. (AP) — Former Red Sox pitcher Curt Schilling and others have agreed to pay $2.5 million to settle their part of a lawsuit brought over Rhode Island’s disastrous $75 million deal with 38 Studios, Schilling’s failed video game company.

The settlement agreement with Schilling and other 38 Studios officials was announced Monday by the Rhode Island Commerce Corp.

Retired Superior Court Judge Francis Darigan had been acting as mediator in the case and is scheduled to hold a news conference Monday morning to discuss the deal.

The settlement must still be approved by a judge. If approved, it would bring the amount of settlements in the case to approximately $45 million.

The only remaining defendant would be First Southwest, which acted as Rhode Island’s financial adviser in the deal.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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