The dismissal by the U.S. District Court in New York had been expected since Nov. 15, when judge Loretta A. Preska denied Metallurg Magnitogorsk's request for a temporary injunction blocking Malkin from continuing to play in the NHL. The Russian team declined to appeal that ruling.
"We are very pleased that all aspects of the litigation concerning Evgeni Malkin's right to play hockey for the Pittsburgh Penguins have now concluded," Penguins vice president Ted Black said.
The Magnitogorsk team, based in Malkin's hometown, claimed the 20-year-old forward was under contract when he fled the club during training camp in August to travel to the United States and play for Pittsburgh.
The Russian team did not seek Malkin's return, but wanted financial compensation for losing its star player. Malkin was widely considered the best player not in the NHL when he stayed in Russia to play last season.
Entering Thursday's game against Montreal, Malkin led all NHL rookies with 53 points, including 24 goals, in 45 games.