SEC and Wells Fargo settle a suit over 38 Studios


The seemingly never-ending saga of 38 Studios and Project Copernicus has another coda this week in its sad history. Gamasutra is reporting that the Securities and Exchange Commission and Wells Fargo Securities have settled a lawsuit over the now-defunct studio.

The two entities got into it back in 2012 when the SEC claimed that Wells Fargo failed to reveal the full details of the bond loan from Rhode Island. Furthermore, the SEC said that this omission hid indicators that 38 Studios was “destined to fail” according to financial projections.

Need a refresher on the whole sordid history of the studio and its never-to-be MMORPG? Check out our latest Game Archaeologist column on the subject – it was current as of just last week.

Source: Gamasutra
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