PokerStars acquires FTP and settles with DOJ

PokerStars announced just few minutes ago (via a press release sent to affiliated poker sites by PokerStars press department, which includes LiquidPoker network) that the Company has reached a settlement with the U.S. Department of Justice (DOJ) Southern District of New York. As part of the settlement agreement, PokerStars has also acquired the assets of Full Tilt Poker, and has committed to the full reimbursement of Full Tilt Poker customers outside the United States.

The total amount to be paid by PokerStars is USD$547 million which will be payable over a period of three years. The money paid to the US Government will in part be used to reimburse former Full Tilt Poker customers in the United States, through a remission process to be administered by the Department of Justice. PokerStars repaid all amounts owing to its own U.S. customers shortly after it closed its U.S. operations.

PokerStars will also make available in a segregated bank account, all outstanding balances owing to all non-U.S. customers of Full Tilt Poker (an amount totalling USD$184 million), with no restrictions on withdrawals, within 90 days of completing this transaction. PokerStars has remained open for non-U.S. players, with all its licenses in good standing, without interruptions.

Under the agreement with the Department of Justice, PokerStars does not admit to any wrongdoing. Furthermore, the agreement explicitly permits PokerStars to apply to relevant U.S. gaming authorities, under both PokerStars and Full Tilt Poker brands, to offer real money online poker when State or Federal governments introduce a framework to regulate such activity.

PokerStars plans to re-launch Full Tilt Poker in most markets as a separate brand, following the appointment of a new, independent management team. Full Tilt Poker’s operations will continue to be run from Dublin, but regulatory oversight will be transferred to the Isle of Man. Further details of these plans will be announced shortly.


“We are delighted we have been able to put this matter behind us, and also secured our ability to operate in the United States of America whenever the regulations allow,” said Mark Scheinberg, Chairman of the Board of PokerStars. “This outcome demonstrates our continuing global leadership of the online poker industry, and our commitment to working with governments and regulators to ensure the highest standards of protection for players.”

“Acquiring certain assets of Full Tilt Poker strengthens PokerStars, brings welcome relief to Full Tilt Poker players who have been waiting over 12 months for repayment of their money, and benefits the entire poker community. Full Tilt Poker’s customers outside the U.S. can soon look forward to accessing their accounts and playing on the re-launched site, confident that they are supported by PokerStars’ history of integrity and our track record of delivering high-quality and secure online poker.”


"The way we have operated our business since the U.S. Department of Justice brought its claim has underlined our credentials as a responsible online poker operator,” Scheinberg continued. “In particular, the prompt repayment of our former US customers in as quick a time frame as possible demonstrated our industry-leading commitment to the segregation of customer funds. We continue to encourage jurisdictions all over the world to introduce sensible online poker regulation.”

Wohoooooohohohohohohooooo!


Trololololololoooo

http://www.pokerstarsblog.com/corpora...es-with-united-states-doj-096492.html

official statement from PS

i suspect andrewsong to throw the biggest party...

I want an invite.

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who cares?

Will we be able to play, or only withdraw our money from FTP?

I kind of rather play, instead of removing my $500. I know others have way more, which they need right now.

On July 31 2012 12:19 DooMeR wrote: who cares?

andrewsong lol


srsly coolbeans. wish I could say I had a big chunk of money tied up on the site but NOPE

countdown: 3 months from now

^^ sick good!

Tomorow is my birthday
10k$ gift from Pokerstars , thank you PS

On July 31 2012 12:35 waga wrote: Tomorow is my birthday 10k$ gift from Pokerstars , thank you PS

Same here! They are giving you 85x my present though.

omfg i was waiting for solid news like this in forever...

srsly i got some grey hairs from last year's fiasco...now i can get fucking paid back ^^

gratz guys, specifically andrewsong, who can now fund his die howard project properly

http://www.pocketfives.com/articles/pokerstars-we-plan-reopen-full-tilt-587633/

awesome

I don't remember my pw anymore :c

my security token died, it's battery doesn't work anymore.