RI board approves 38 Studios litigation committee
PROVIDENCE, R.I. (AP) — The board of Rhode Island's economic development agency has approved a step toward possible legal action in connection with its $75 million loan guarantee to Curt Schilling's failed video game company.
At its meeting Monday night, the Economic Development Corp. board voted to set up a litigation subcommittee "as part of the next step of looking into possible legal action related to 38 Studios."
The EDC hired an outside attorney in June to determine if there's any third-party liability related to the loan guarantee offered in 2010 to Schilling's company, which has filed for bankruptcy.
The board said Monday night the subcommittee will provide "enhanced review and oversight" to legal counsel and "provide timely authority to take action."
It said the subcommittee is part of a process to put the state and taxpayers "in the best possible position."