LONDON (dpa-AFX) - Flutter Entertainment plc (FLTR.L) Wednesday issued an update on Kentucky legal proceedings. The legal dispute between Flutter and the Commonwealth of Kentucky has now been settled in full.
The legal proceeds relate to certain subsidiaries of Stars Group or TSG in 2010, prior to its combination with Flutter.
As part of the settlement, Flutter agreed to pay $200 million to the Commonwealth of Kentucky in addition to $100 million previously forfeited to the Commonwealth as part of the supersedeas bond in the case.
In return, the Commonwealth of Kentucky has agreed to cease all further actions with respect to the case.
On March 25, Flutter had announced that the Kentucky Supreme Court denied a petition made by Flutter for a rehearing of its December 17, 2020 decision relating to legal proceedings originally brought by the Commonwealth of Kentucky against Stars Group units.
The company now said the agreement is believed to be in the best interests of Flutter shareholders, and considers the matter closed.
Copyright RTT News/dpa-AFX