Scientific Games Corp (NASDAQ: SGMS) rose Friday morning, after the company disclosed a settlement in Shuffle Tech litigation. Scientific games will pay $151.5 million.
The Las Vegas-based company said that, in early August 7, the jury awarded Shuffle Tech and the other plaintiffs $105 million in compensatory damages, which was subject to trebling, as well as attorney's fees and costs which brought the total to $335 million.
As part of the settlement, Scientific Games will pay the plaintiffs $151.5 million which represents 45 percent of the original $335 million.
Said SGMS company official James Sottile, "While we firmly believe that the jury decision was wrong, we are pleased with the outcome of the settlement and that this matter will be resolved for good."
The settlement is conditioned on the trial court entering an order vacating the judgment entered on the jury's verdict. The Company anticipates that the trial court will enter such an order.
Upon satisfaction of the condition described above, the settlement ends all litigation related to this matter and all pending motions and filings will be dropped. While the settlement resolves the disputed claims, Scientific Games has not admitted any liability.
The Company boasts a status as the global leader in technology-based gaming systems, digital real-money gaming and sports betting platforms, table games, table products and instant games, and a leader in products, services and content for gaming, lottery and social gaming markets.
Shares in SGMS tailed off seven cents, or 0.5%, to $15.68
