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Wells Fargo Securities to settle SEC lawsuit over video game company deal

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Wells Fargo Securities to settle SEC lawsuit over video game company deal

Wells Fargo Securities LLC agreed to pay an $800,000 civil penalty to settle a lawsuit filed by the U.S. Securities and Exchange Commission over Rhode Island's failed $75 million deal with video game company 38 Studios, The Associated Press reported.

The lawsuit, filed in March 2016, accuses Wells Fargo and Rhode Island's economic development agency of defrauding investors in a municipal bond offering to finance 38 Studios, formed by former Major League Baseball pitcher Curt Schilling.

Under the settlement agreement, which was filed March 18 with the U.S. District Court in Providence, R.I., Wells Fargo did not admit or deny any wrongdoing. If a federal judge approves the agreement, the banking giant would be permanently barred from violating certain municipal securities and other laws, according to the report.

Rhode Island's economic development agency previously settled the case, paying a $50,000 penalty without admitting wrongdoing, the news service added.