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Hilltop Securities to settle litigation for $16M

Dallas-based Hilltop Holdings Inc. unit Hilltop Securities Inc. agreed to pay $16.0 million to settle any and all claims in a litigation involving the Rhode Island Commerce Corp.

The litigation was related to The Rhode Island Economic Development Corporation Job Creation Guaranty Program Taxable Revenue Bond (38 Studios, LLC Project) Series 2010.

The settlement agreement is still subject to court approval and does not constitute an admission of liability or wrongdoing.

In 2016, the Rhode Island Commerce Corp. entered into a proposed settlement agreement with two other firms — Wells Fargo Securities LLC and Barclays Capital Inc. — in connection with the issuance of bonds related to 38 Studios, a startup video game company.