The Latest: Curt Schilling agrees to 38 Studios settlement

The Latest on former Red Sox pitcher Curt Schilling and others agreeing to a $2.5 million settlement to end their part of a lawsuit brought over Rhode Island's disastrous $75 million deal with 38 Studios, his failed video game company (all times local):

12:30 p.m.

A mediator in the lawsuit over the video game company started by former Red Sox pitcher Curt Schilling says no one is going to be perfectly satisfied with a $2.5 million settlement agreed to by Schilling and others in the case.

But Retired Superior Court Judge Francis Darigan says the agreement is a "practical move on the part of the state."

If approved by the judge overseeing the lawsuit, the agreement with four 38 Studios officials brings an end to Schilling's involvement in the case.

Darigan says Schilling and the other three officials will not pay out of pocket. The money will be paid by an insurance company.

He says the state did an extensive review and determined the combined assets of Schilling and the other three would not exceed $2.5 million.

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10:55 a.m.

Former Red Sox pitcher Curt Schilling and others have agreed to pay $2.5 million to settle their part of a lawsuit brought over Rhode Island's disastrous $75 million deal with 38 Studios, Schilling's failed video game company.

The settlement agreement with Schilling and other 38 Studios officials was announced Monday by the Rhode Island Commerce Corp.

Retired Superior Court Judge Francis Darigan had been acting as mediator in the case and is scheduled to hold a news conference Monday morning to discuss the deal.

The settlement must still be approved by a judge. If approved, it would bring the amount of settlements in the case to approximately $45 million.

The only remaining defendant would be First Southwest, which acted as Rhode Island's financial adviser in the deal.