Full Tilt Poker Will Re-Open Its DoorsPublished on July 31st, 2012 1:25 pm EST
"Black Friday". June 29th. The Phil Ivey lawsuit. The Groupe Bernard Tapie deal.
All of that is behind the poker community now, as Pokerstars and Full Tilt Poker officially entered into a settlement with the US government earlier today.
As part of the settlement, Pokerstars will pay the US government $547 million over the next three years.
Part of this money will be used to reimburse former Full Tilt Poker customers from the United States. Former Full Tilt Poker customers from the United States will be paid through a remission process administered by the US Department of Justice. Former FTP customers residing in the United States will receive 100% of their balances, provided that they are "qualifying victims".
In addition, Pokerstars will make available $184 million USD for the repayment of Full Tilt Poker's ROW (Rest of World) players within 90 days of completing the transaction. There will be no restriction on withdrawals, and ROW players will receive 100% of what they are owed.
As part of the deal, Full Tilt Poker will forfeit all of their assets to the US government. These assets will then be transferred to Pokerstars.
Full Tilt Poker will run as a separate entity from Pokerstars, with its own management team, employees and base of operations. Full Tilt Poker will reportedly still be headquartered in Dublin.
As part of the deal, Pokerstars does not admit any wrongdoing. Most importantly, the agreement between PS/FTP and the US government "explicitly" allows Pokerstars to apply to relevant US gaming authorities under both the Pokerstars and Full Tilt Poker brands "when State or federal governments introduce a framework to regulate such activity."
As part of the deal, Isai Scheinberg will be stepping down from Pokerstars.
By the sounds of it, Full Tilt Poker will be back in operation sometime this fall.
Source: Justice.gov - Manhattan US Attorney Announces $731 Million Settlement of Money Laundering And Forfeiture Complaint With Pokerstars and Full Tilt Poker
Source: Pastebin - Pokerstars Settles Dispute With US Department of Justice
Source: DiamondFlushPoker.com - Full Tilt Poker Issues Media Following Civil Settlement
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