PROVIDENCE, R.I. (AP) — Wells Fargo Securities will ask a federal judge to dismiss a U.S. Securities and Exchange Commission lawsuit accusing it of defrauding investors in Rhode Island’s failed $75 million deal with 38 Studios, the video game company started by former Red Sox pitcher Curt Schilling.
A hearing is scheduled for Friday morning in Providence.
The SEC sued Wells Fargo and Rhode Island’s economic development agency in March.
Wells Fargo says in a filing that the case “never should have been filed.” It says the SEC admits no one intended to mislead investors, and no investors have been harmed because all the bondholders have been paid.
The SEC says it’s irrelevant that bondholders have been paid. It says it’s seeking to hold accountable those who violate the law.
