Curt Schilling Agrees to $2.5 Million Settlement in 38 Studios Case

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Former Red Sox pitcher Curt Schilling and several others have agreed to a $2.5 million settlement in the legal battle over 38 Studios, his failed video game venture, and the $75 million deal it cut with Rhode Island officials.

The settlement, announced Monday by the Rhode Island Commerce Corporation, awaits approval from Superior Court Judge Michael Silverstein. Lawyers for the Commerce Corporation said it would make “no economic sense whatsoever” to allow the suit to be brought to trial, as the defendants would exhaust their insurance money on legal fees, leaving them with insufficient personal assets to render a settlement.

Schilling has repeatedly denied any wrongdoing, and the settlement states that it is not to be understood as an admission of liability from him, three 38 Studios executives, or their insurer.

Even after Monday’s settlement and last month’s $25.6 million from Wells Fargo Securities and Barclays Capital, Rhode Island taxpayers are still on the hook for an estimated $28.2 million. About $2 million of Monday’s settlement would be used to pay back bonds, the Commerce Corporation said.

Schilling reportedly denied the Providence Journal‘s request for an interview.