Mobile payments company Koin Mobile LLC has asked a federal judge in Nevada, in the United States, to dismiss an antitrust lawsuit – originally filed in April last year – against casino technology supplier Everi Holdings Inc, ending a legal fight over digital wallet competition in the gaming industry.
In a court filing on Friday, Koin Mobile and the defendants – Everi Holdings and its unit Everi Payments Inc – “stipulate to the dismissal of this action with prejudice, with each party to bear its own costs and attorney fees”.
It means that the lawsuit cannot be refiled. The filing did not say whether a settlement had been reached. The case outcome was first reported by Reuters news agency.
According to the media outlet, Koin was seeking millions of dollars in alleged damages, accusing Everi of violating antitrust law by using its dominance in casino cash-access services to exclude unlawfully, competitors from emerging digital wallet markets.
Koin’s product competes with Everi’s CashClub Wallet in the gaming sector.
Earlier this year, the two companies said they were trying to reach a settlement that would resolve the lawsuit.
Everi was acquired in July by funds linked to private equity firm Apollo Global Management Inc. The gaming supplier’s stockholders received US$14.25 per share in cash as part of the deal.
The agreement also included the acquisition of International Game Technology Plc’s gaming and digital business by Apollo-linked entities, with the overall deal valued at about US$6.3 billion.
