The Rhode Island Economic Development Corp. sued Wells Fargo & Co., Barclays Plc and Curt Schilling, the former chairman of video-game maker 38 Studios LLC, claiming that undisclosed risks led to the bankruptcy of the company, Bloomberg News reported yesterday. The banks and Schilling, the former Boston Red Sox pitcher who founded 38 Studios, did not disclose to the state's economic development organization the negative information about the company’s financial projections and business plan, according to a filing today in Rhode Island Superior Court. The EDC board in 2010 approved the issuance of $75 million in bonds to finance a loan to allow 38 Studios to move to Providence, R.I., from Massachusetts and complete a multiplayer online game called Copernicus. The company had not yet published a video game, according to the complaint.
