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EDC lawyer hopes 38 Studios depositions begin soon

PROVIDENCE — An attorney representing Rhode Island’s economic development agency in its lawsuit over the collapse of Curt Schilling’s 38 Studios said Friday he hopes depositions in the case begin soon.

Economic Development Corp. lawyer Max Wistow said his first notice of deposition went recently to an executive at First Southwest, which served as financial adviser to the agency in its $75 million loan guarantee to the video game company.

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First Southwest is among 14 defendants named in the suit filed last year after 38 Studios went bankrupt. Also named are Schilling, former 38 Studios executives, and some of the EDC’s own former officials, who worked on the deal.

Superior Court Judge Michael Silverstein ruled last month that most of the complaint may go ahead. It alleges fraud, negligence, and breach of fiduciary duty, among other things, and claims the EDC board was misled into approving the loan guarantee in 2010.

The state is now responsible for some $90 million related to the deal, which was financed with bonds.

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