PROVIDENCE, R.I. — Former Red Sox pitcher Curt Schilling and others have agreed to pay $2.5 million to settle their part of a lawsuit brought over Rhode Island’s disastrous $75 million deal with 38 Studios, his failed video game company.

The settlement agreement with Schilling and other 38 Studios officials was announced Monday by the Rhode Island Commerce Corp.

If approved by a judge, the agreement would bring the amount of settlements in the case to about $45 million.

The only remaining defendant would be First Southwest, which acted as Rhode Island’s financial adviser in the deal.

Lawyers for the Commerce Corp. asked the court to approve the settlement, saying in court documents that it’s a “highly unusual case” in which it “makes no economic sense whatsoever” for the parties to proceed to trial rather than proceed with the proposed settlement.

They said that even if the agency prevailed at trial, the defendants would have exhausted the insurance coverage in paying for the trial and wouldn’t have the personal assets to satisfy a judgment. The state reviewed the defendants’ assets.

Schilling has previously denied wrongdoing and said the company failed because the state didn’t do enough to help him. The settlement agreement says that the defendants deny liability and the settlement is not to be construed as an admission of liability by any of them.

Rhode Island last month reached its biggest settlement in the case, amounting to $25.6 million from Wells Fargo Securities and Barclays Capital Inc.


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