Claims Administrator Expected To Be Selected By January of 2013Published on November 21st, 2012 2:55 pm EST
Full Tilt Poker's US players have been waiting for some kind of news regarding their player balances for months now.
As part of their settlement deal with the US government, Pokerstars agreed to forfeit $547 million over three payments. The first payment, totaling $225 million, was made in August. The majority of this money is earmarked for the repayment of Full Tilt Poker's US players.
On July 31st, the DoJ posted this statement regarding the repayment of Full Tilt's US players:
"Funds generated from these settlements will be used to fund a petition and remission process for U.S. victims of the alleged fraud that Full Tilt Poker committed relating to player funds. The U.S. Attorney's Office will post details within the upcoming weeks regarding how U.S. victims can submit such a petition."
Over the next few months, there was basically no new news, aside from the announcement that the DoJ was soliciting bids for the position of Claims Administrator.
Earlier this week, the DoJ provided a "Victim Update" for Full Tilt Poker's US players. It read:
"The United States Attorney's Office for the Southern District of New York is evaluating applicants for the position of Claims Administrator to handle petitions for remission for U.S. victims of the alleged fraud that Full Tilt Poker committed relating to player funds. The United States Attorney's Office expects that the Claims Administrator will be selected and begin work in January 2013."
So does this mean that funds will start going out in January?
The PPA (Poker Players Alliance) met with officials from the US Department of Justice, Asset Forfeiture and Money Laundering Section, earlier in the month.
From the update that the PPA released following the meeting:
"..But it was evident that even when a claims administrator is hired, forfeiture and remission procedures require that a substantial administrative process be adhered to before players begin seeing their funds."
In short - things are moving slowly, but they are moving.
Source: Justice.gov - United States v. Pokerstars et al., 11 Civ. 2564 (LBS) (Full Tilt Poker Information)
Filed Under: Online Poker Rooms