The Rhode Island Economic Development Corporation (EDC), the quasi-public group that granted the $75 million taxpayer-guaranteed loan t' 38 Studios, has filed a lawsuit against the architects a the 2010 deal. WPRI reports the defendants include 38 Studios founder Curt Schilling 'n CEO Jennifer MacLean, former EDC executive director Keith Stokes, Wells Fargo Securities, Barclays Capital 'n many, many more.

"I know ye work hard for yer paychecks, 'n for yer tax dollars t' be squandered be unacceptable. The board's legal action be taken t' rectify a grave injustice put upon the people a Rhode Island," said Governor Lincoln Chafee in a prepared two-'n-a-half-minute statement posted on YouTube (found after the break).

The full complaint [PDF] alleges the former EDC board never ordered an independent assessment a 38 Studios' capabilities t' finish Project Copernicus before the loan be approved, even though it be t' do so. It also claims Wells Fargo received nearly $500,000 "in hidden commission from 38 Studios" that weren't disclosed t' the EDC board.

The recent public auction at 38 Studios' former Providence HQ grossed approximately $650,000. The auction at 38 Studios' Big vast Games division in Maryland brought in $180,000. it be estimated 38 Studios owed $150.7 million when it declared bankruptcy, so far the state a Rhode Island has recovered about $830,000.

...developing..