PROVIDENCE, R.I. (AP) — The state’s economic development agency said on Wednesday it has settled a lawsuit brought against it by the U.S. Securities and Exchange Commission over the state’s failed $75 million deal with former Boston Red Sox pitcher Curt Schilling’s videogame company.
The Rhode Island Commerce Corporation said it agreed to pay a civil penalty of $50,000 and in the future not violate the law it was accused of violating in the offer or sale of any securities.
The lawsuit accused the agency and the Wells Fargo financial services company of making misleading statements about bonds used to fund the deal.