38 Studios Settlement Reached for $12.5 Million with Adler Pollock, Stokes, and Saul
Sunday, August 09, 2015
The Rhode Island Commerce Corporation announced on Friday that it has reached a $12.5 million settlement with defendants Adler, Pollack & Sheehan P.C., Robert I. Stoltzman, J. Michael Saul, and Keith W. Stokes in the 38 Studios litigation. The settlement was filed in Rhode Island Superior Court today and is contingent upon court approval.
"The 38 Studios settlement approved today by the Commerce Corporation Board ends several years of extremely costly, time-consuming and distracting litigation. Adler Pollock & Sheehan and the Plaintiff will never agree on issues of responsibility, liability and damages; but they do agree that it is in the best interests of all concerned to put this matter behind them so that this dispute will finally end," said Adler, Pollack and Sheehan in a prepared statement.
Initial Demand
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTIn December 2014, the Commerce Corporation, after considering the extent of the defendants’ insurance coverage, made a demand of these four defendants that they settle for $12.5 million. This settlement reflects these defendants’ agreement to that demand. The Corporation previously settled claims against Antonio Afonso, Jr. and Moses Afonso Ryan Ltd. for $4.37 million in June 2014.
The Corporation’s litigation is still going forward against other defendants who are not included in prior settlements. The remaining defendants are Wells Fargo Securities, LLC, Barclays Capital Inc., First Southwest Company, Starr Indemnity and Liability Company, Curt Schilling, Thomas Zaccagnino, Richard Wester, and Jennifer MacLean.
Related Slideshow: 38 Studios Legal Fees
New state records show that state legal fees associated with the 38 Studios bankruptcy are nearing $1 million. Below is a breakdown of how much each firm has made - and stands to make in the future. Figures are taken from documents provided by the Rhode Island Commerce Corporation.
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