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Rhode Island is settling with the final defendant in its lawsuit over the failure of 38 Studios, the video game company started by former Boston Red Sox pitcher Curt Schilling.

The state Commerce Corporation says it has agreed to a $16 million settlement with Hilltop Securities Inc., formerly known as the First Southwest Co.

The settlement was filed Wednesday. It's contingent on court approval.

The state provided Schilling's company with $75 million in loan guarantees before it folded in 2012. First Southwest was the state's financial adviser.

A spokeswoman for Hilltop Securities says the settlement isn't an admission of liability or wrongdoing.

The state previously settled its claims against Schilling and others involved with the deal, including Wells Fargo Securities and Barclays Capital, for a combined $61 million.

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