IGT and DoubleDown Interactive reach settlement accord linked to Benson legal suit
Rewritten Article:
Slap that spin button, folks! International Game Technology (IGT), a booming name in the gaming biz, and its former subsidiary, DoubleDown Interactive, have struck a deal—an agreement in principle, to be exact— in the high-stakes legal game Benson v. DoubleDown Interactive. Here's the lowdown on this multimillion-dollar showdown.
Wrapping Up $415 Million in Green
Buckle up! The terms of this settlement agreement demand a combined contribution of $415 million to the pot. IGT is on the hook for a whopping $269.75 million, while DoubleDown Interactive owes $145.25 million. With this deal squared away, all involved parties will drop their claims, kicking that lawsuit to the curb.
Back in April 2018, Adrienne Benson took DoubleDown Interactive and an IGT subsidiary to court at the US District Court. She alleged that the online casinos these defendants were running were illegal, as they seemingly breached Washington's Recovery of Money Lost at Gambling Act and Washington's Consumer Protection Act. In July of the same year, new players joined the fray, filing a class action against the defendants, claiming unjust enrichment in connection with funds lost on gambling.
For the settlement to go down without a hitch, the US Federal District Court for the Western District of Washington needs to sign off on the agreement we've got here.
In 2017, DoubleDown Interactive, a digital games and web-based platforms developer, was bought by South Korea-based game production company DoubleU Games. IGT, who was previously the owner, pocketed a cool $825 million from the deal, kickstarting their strategic partnership with DoubleU Games in the production of social casino games.
The Bottom Line: Balancing the Books
Once the settlement is officially approved, both IGT and DoubleDown Interactive will face some financial heat. The former will suffer a non-operating expense of $119.75 million for the period of July 1 to September 30, 2022. DoubleDown Interactive, on the other hand, will feel the pinch with an expense of $70.25 million during the same timeframe. Moreover, DoubleDown Interactive has previously shelled out $75 million in expenses related to the Benson Matters, while IGT reportedly racked up a cool $150 million for the Benson case from April 1 to June 30.
Now, you're all caught up on the latest happenings in the IGT versus DoubleDown Interactive drama. Keep your eyes peeled for more updates!
- The settlement agreement, worth $415 million, between International Game Technology (IGT) and DoubleDown Interactive stipulates BOTH parties will contribute to the pot, with IGT responsible for $269.75 million and DoubleDown Interactive owing $145.25 million.
- Adrienne Benson, in April 2018, initiated a lawsuit at the US District Court against DoubleDown Interactive and an IGT subsidiary, alleging that their online casinos, in violation of Washington state laws, breached both the Recovery of Money Lost at Gambling Act and the Consumer Protection Act.
- A class action lawsuit followed in July 2018, filed by new plaintiffs against the same defendants, citing unjust enrichment from funds lost on gambling.
- The settlement, pending approval from the US Federal District Court for the Western District of Washington, requires all parties to drop their claims and effectively end the lawsuit.
- DoubleDown Interactive, a digital games and web-based platforms developer, was bought by South Korea-based game production company DoubleU Games in 2017. Upon the sale, IGT walked away with $825 million, forming a strategic partnership with DoubleU Games for the production of social casino games.
