TALLAHASSEE, Fla. (AP) - Florida is going to recoup $5 million out of $20 million the state invested in a failed visual effects film studio.
State and local governments have reached a settlement in a complicated legal battle that involved filings in bankruptcy court as a well as a civil lawsuit filed in St. Lucie County.
Digital Domain had promised to create about 500 jobs at a Port St. Lucie animation studio and a West Palm Beach film school, but it filed for bankruptcy in 2012.
Under the settlement Florida taxpayers will actually get back about $3 million since part of the settlement money will go to lawyers hired by the state.
Florida has also gotten back the rights to $20 million in film production tax credits that were initially pledged to Digital Domain.
(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
