Aug 30, 2022 Newsdesk Industry Talk, Latest News, Top of the deck
Casino equipment and gaming content provider International Game Technology Plc (IGT) is to pay US$269.75 million of the US$415 million it is costing to settle litigation in the United States concerning a former business unit, Double Down Interactive LLC.
IGT completed the US$825-million sale of Double Down Interactive, the operator of social gaming business Double Down Casino, to DoubleU Diamond LLC in June 2017.
Double Down Interactive’s share of the lawsuit settlement payment in the U.S. state of Washington, is US$145.25 million
IGT had mentioned in its 2021 annual report, filed in March this year, that on April 9, 2018 Adrienne Benson had filed a class action against an IGT unit and Double Down Interactive, in the U.S. District Court, claiming she had purchased and allegedly lost virtual “chips” while playing games through Double Down Casino. In July that year, another person called Mary Simonson was added to the complaint, along with any other unnamed people affected.
The IGT annual report said the plaintiffs had alleged violations of Washington state’s Recovery of Money Lost at Gambling Act and that state’s Consumer Protection Act, and for unjust enrichment, and sought unspecified money damages, as well as lawyers’ fees and costs.
IGT said in its Monday filing in the U.S. that, subject to final court approval of the settlement, IGT and Double Down had “resolved all indemnification and other claims between themselves and their respective subsidiaries and affiliates” relating to what it termed “the Benson Matters”.
As a result of the settlement agreement, IGT said it would accrue a US$119.75 million non-operating expense in the third quarter, related to the incremental loss associated with the Benson Matters and related claims between IGT and Double Down and their respective subsidiaries and affiliates. IGT said that a US$150-million expense had been accrued in the second quarter in relation to the lawsuit.
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