Claims Remission Process To Begin on MondayPublished on September 13th, 2013 5:09 pm EST
On Monday, September 16th, the claims remission process for Full Tilt Poker's former US customers will officially begin.
The claims administration process is going to be handled by the Garden City Group, Inc. ("GCG"), which was retained by the US government to serve as the Claims Administrator for Full Tilt Poker's forfeited funds.
As part of their settlement with the US government, Pokerstars was forced to pay a substantial amount of money in several instalments. The first tranche was largely earmarked for the repayment of Full Tilt Poker's former US customers, who have had their balances trapped since "Black Friday" occurred in April of 2011.
According to GCG, the company will begin sending out emails on Monday that will contain instructions on how to submit a Petition for Remission. These emails will be sent out to anybody that GCG deems to be "eligible claimants".
According to several media reports, those who will not be considered "eligible claimants" will include:
-past or present employees of the company
-past or present vendors who received compensation through player accounts
-past or present Team Full Tilt players
-past or present shareholders of Full Tilt Poker and all of its associated companies
-past or present officers or directors of Full Tilt Poker and all of its associated companies
-A defendant in any civil action or a claimant in any forfeiture action brought by the Department of Justice related to the violations alleged in this action, or any related action (or any of his or her affiliates, assigns, heirs, distributees, spouses, parents, children, or controlled entities)
-A person who, as of the Petition filing deadline, has been the subject of criminal charges related to the violations alleged in this action, or any related action (or any of his or her affiliates, assigns, heirs, distributees, spouses, parents, children, or controlled entities)
So, if you don't fall into that group of people, you should receive an email from GCG early next week.
The deadline to submit your Petition for Remission is going to be November 15th, 2013.
Following the November 15th, 2013 deadline, GCG will presumably spend a couple of months matching the claim requests to the information that they have in their database, which was provided to them by Full Tilt Poker.
If the total $ amount of approved claims is less than the total amount of forfeited funds, each person with an approved claim will receive 100% of their balances (as of April 14th, 2011). If the total $ amount of approved claims is more than the total amount of forfeited funds, each player will receive their balance on a pro-rata basis.
More information can be found on FullTiltPokerClaims.com, which can be accessed by clicking the link below.
Source: Full Tilt Poker Claims Administration
Filed Under: Other Poker News