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LONDON, Aug. 29, 2022 /PRNewswire/ — Worldwide Recreation Know-how PLC (“IGT”) (NYSE:IGT) and DoubleDown Interactive Co., Ltd. (NASDAQ: DDI) (“DoubleDown”) as we speak introduced an settlement in precept to settle the Benson v. DoubleDown Interactive LLC, et. al. lawsuit and related proceedings (the “Benson Issues”). IGT accomplished the sale of DoubleDown Interactive LLC (“DDI”), the operator of social gaming enterprise DoubleDown On line casino, to DoubleU Diamond LLC, a subsidiary of DoubleDown, in June 2017. The settlement in precept, entered into by sure subsidiaries of IGT and DoubleDown, stays contingent on remaining court docket approval by the U.S. Federal District Courtroom for the Western District of Washington.
Below the phrases of the settlement, which take impact solely after remaining court docket approval of the proposed class settlement:
- A complete of $415 million shall be paid right 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 don’t exclude themselves will launch all claims referring to the subject material of the lawsuit.
Topic to remaining court docket approval of the settlement of the Benson v. DoubleDown Interactive LLC, et. al. lawsuit, IGT and DoubleDown have additionally resolved all indemnification and different claims between themselves and their respective subsidiaries and associates referring to the Benson Issues.
Because of the settlement settlement, IGT will accrue a $119.75 million non-operating expense within the third quarter associated to the incremental loss related to the Benson Issues and associated claims between IGT and DoubleDown and their respective subsidiaries and associates ($150 million was accrued within the second quarter).
About IGT
IGT (NYSE:IGT) is a world chief in gaming. We ship entertaining and accountable gaming experiences for gamers throughout all channels and controlled segments, from Lotteries and Gaming Machines to Sports activities Betting and Digital. Leveraging a wealth of compelling content material, substantial funding in innovation, participant insights, operational experience, and modern know-how, our options ship unmatched gaming experiences that interact gamers and drive development. We’ve a well-established native presence and relationships with governments and regulators in additional than 100 international locations world wide, and create worth by adhering to the best requirements of service, integrity, and accountability. IGT has roughly 10,500 staff. For extra data, please go to www.IGT.com.
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Contact:
Phil O’Shaughnessy, International Communications, toll free in U.S./Canada +1 (844) IGT-7452; exterior 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
SOURCE Worldwide Recreation Know-how PLC