Gaming company International Game Technology (NYSE:IGT) and DoubleDown Interactive Co., Ltd. (NASDAQ:DDI) have agreed in principle to settle the Benson v. DoubleDown Interactive LLC, et. al. lawsuit and associated proceedings.
As part of the settlement, subject to final court approval, a total of $415M will be paid into a settlement fund. IGT's subsidiaries will contribute $269.75M into the fund, while DDI will contribute $145.25M.
The gaming company will accrue a $119.75M nonoperating expense in Q3 as a result of the settlement. The company had accrued $150M in Q2.
IGT had completed the sale of DoubleDown Interactive LLC to DoubleDown unit DoubleU Diamond in June 2017.