INTERNATIONAL GAME TECHNOLOGY PLC ANNOUNCES AGREEMENT IN PRINCIPLE TO SETTLE LEGAL PROCEEDINGS RELATED TO BENSON V. DOUBLE DOWN INTERACTIVE LLC
International Game Technology (IGT) and DoubleDown Interactive (DDI) announced an agreement to settle the Benson v. DoubleDown Interactive lawsuit, pending court approval. The settlement involves a total payment of $415 million, with IGT's subsidiaries contributing $269.75 million and DDI $145.25 million. As part of the settlement, IGT will incur a $119.75 million non-operating expense in Q3, following a $150 million accrual in Q2. The settlement aims to resolve all related indemnification claims between IGT and DoubleDown.
- None.
- IGT will incur a non-operating expense of $119.75 million in Q3 due to the lawsuit settlement.
- An additional $150 million was accrued in Q2, indicating a significant financial burden.
LONDON, Aug. 29, 2022 /PRNewswire/ -- International Game Technology PLC ("IGT") (NYSE:IGT) and DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) ("DoubleDown") today announced an agreement in principle to settle the Benson v. DoubleDown Interactive LLC, et. al. lawsuit and associated proceedings (the "Benson Matters"). IGT completed the sale of DoubleDown Interactive LLC ("DDI"), the operator of social gaming business DoubleDown Casino, to DoubleU Diamond LLC, a subsidiary of DoubleDown, in June 2017. The agreement in principle, entered into by certain subsidiaries of IGT and DoubleDown, remains contingent on final court approval by the U.S. Federal District Court for the Western District of Washington.
Under the terms of the settlement, which take effect only after final court approval of the proposed class settlement:
- A total of
$415 million will be paid into a settlement fund of which IGT's subsidiaries will contribute$269.75 million and DDI will contribute$145.25 million . - All members of the nationwide settlement class who do not exclude themselves will release all claims relating to the subject matter of the lawsuit.
Subject to final court approval of the settlement of the Benson v. DoubleDown Interactive LLC, et. al. lawsuit, IGT and DoubleDown have also resolved all indemnification and other claims between themselves and their respective subsidiaries and affiliates relating to the Benson Matters.
As a result of the settlement agreement, IGT will accrue a
About IGT
IGT (NYSE:IGT) is a global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Lotteries and Gaming Machines to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivaled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 countries around the world, and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 10,500 employees. For more information, please visit www.IGT.com.
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Contact:
Phil O'Shaughnessy, Global Communications, toll free in U.S./Canada +1 (844) IGT-7452; outside U.S./Canada +1 (401) 392-7452
Francesco Luti, +39 06 5189 9184; for Italian media inquiries
James Hurley, Investor Relations, +1 (401) 392-7190
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SOURCE International Game Technology PLC
FAQ
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