Judge Set To Hear First Settlement Case Out Of 38 Studios Lawsuit

Jul 8, 2014

A Superior Court judge is scheduled Tuesday to consider the first settlement growing out of the state’s lawsuit over 38 Studios. The settlement calls for the state to get a payment of $4.3 million.

After 38 Studios went bankrupt in 2012, the state sued 14 defendants to try to cut down the roughly $90 million owed by taxpayers. The first proposed settlement in the case was announced late last month. It involves the law firm of Moses Afonso Ryan, which served as bond counsel for the ill-fated 38 Studios project.

The settlement under consideration by Superior Court Judge Michael Silverstein calls for Moses Afonso Ryan to pay the state about $4.3 million, while not admitting any liability or wrongdoing. State officials say they’re hopeful additional settlements will further cut taxpayers’ liability over 38 Studios.

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