IGT agrees to $500,000 settlement over whistleblower case

International Game Technology (IGT) is to pay the U.S. Securities and Exchange Commission $500,000 (€447,200) with respect to an alleged violation of the whistleblower anti-retaliation provisions in the Securities Exchange Act of 1934.

The breach took place at legacy IGT prior to its acquisition by GTECH, although the company neither admits nor denies the allegations that IGT improperly retaliated against a whistleblower.

The US Securities and Exchange Commission did not allege any violations that related to the subject of the whistleblower’s initial complaint.

Further details of the case were not officially disclosed.

Meanwhile, IGT has secured a cross-licensing agreement with Aristocrat Leisure.

Terms of the deal were not revealed, but it was confirmed that the partnership will cover intellectual property involving game features and system patents.

IGT also said the two companies have agreed to settle all outstanding litigation between them.

“IGT's R&D investment and patent portfolio are the largest in the gaming industry; we are pleased to have reached this agreement with Aristocrat as we build upon our leadership in gaming innovation,” IGT chief executive North America gaming and interactive (DoubleDown Casino) Renato Ascoli said.

“This agreement demonstrates both companies’ shared commitment to investing in and preserving the value of intellectual property.”

Toni Korsanos, chief financial officer and company secretary at Aristocrat, added: “Turning ideas into value-adding innovation is core to Aristocrat’s mission to ‘create the world’s greatest gaming experience every day’.

“Our agreement with IGT will contribute toward this, and we are pleased to have finalised these arrangements.”

Related article: Svenska Spel to boost interactive poker with IGT extension