Koin Mobile Seeks Dismissal of Antitrust Lawsuit Against Everi
Request to End Antitrust Litigation
Koin Mobile, a company specializing in mobile payment solutions, has officially requested a federal judge in Nevada to dismiss its antitrust lawsuit against Everi Holdings, a prominent player in casino payment systems. This move potentially signals the end of the legal battle surrounding competition within the casino digital wallet sector.
Dismissal Filed with Prejudice
Late last week, Koin Mobile submitted a court document asking for the case to be dismissed with prejudice, which prevents any future filing of the same claim. The details surrounding whether a settlement was reached between the two companies remain undisclosed.
Koin initially filed the lawsuit last year, accusing Everi of leveraging its stronghold in casino cash-access systems to unfairly limit competition in the digital payment market.
Koin’s leading product, the Koin Wallet, is a direct competitor to Everi’s CashClub Wallet. The lawsuit claimed that Everi imposed exclusive, long-term contracts on casinos that bundled cash-access services with its digital wallet. This practice allegedly created significant barriers for competitors, including Koin, to enter or expand in the market.
Koin sought substantial financial damages, citing losses in profits and opportunities due to Everi’s conduct. Everi, however, contested these allegations, stating that the claims were unfounded.
Everi’s Earlier Move for Case Dismissal
In July, Everi submitted its own motion to dismiss the lawsuit. The company contended that Koin failed to adequately define the affected markets in its complaint and pointed out the active competition existing in the casino digital wallet industry.
Everi Holdings is a key provider of casino financial technology, including ATMs and slot machines. In July, it was acquired by affiliates of Apollo Global Management, though Apollo was not named in the lawsuit.
Earlier this year, both Koin and Everi notified the court that they were exploring a possible comprehensive settlement. This agreement might resolve not only the federal lawsuit but other related disputes at the state court level.
The legal case is formally known as Koin Mobile LLC v. Everi Holdings Inc. and Everi Payments Inc., filed in the U.S. District Court for the District of Nevada. Koin’s legal representation came from Robert Ryan and Paul Swanson of Holland & Hart, while Everi’s defense included lawyers Samuel Liversidge and Rachel Brass from Gibson, Dunn & Crutcher, along with John Desmond from Dickinson Wright.
