Ok, this time it seems like there’s actually a bit of meat on the bone. Both PokerStars and the DoJ have confirmed that a deal has been reached that will settle the charges against PokerStars (the company) and allow Stars to purchase Full Tilt and repay players.
You can read the full text of the settlement here.
It’s too early to begin disclosing many details about our strategic plans for Full Tilt, but our first order of business is to re-open the site, pay back all of the players and begin rebuilding Full Tilt’s reputation. Going forward, we will operate Full Tilt as a separate brand, giving players another leading and trusted platform to enjoy the game. The re-launched Full Tilt site will bring back the innovative features, the authentic poker and the cutting-edge software that made it so popular with millions of players worldwide.
Diamondflush is reporting that non-US FTP players will get some compensation for points, but no word on anything similar for US players.
“While compensating Full Tilt’s non US players for any other assets, like FTP points, etc., over their balances is not a part of the agreement, I was told by PokerStars sources that the company plans to have fair resolution for these assets.”
The official DoJ press release has an interesting tidbit:
PokerStars is also prohibited from employing, or otherwise hiring, Full Tilt Poker insiders Raymond Bitar, Howard Lederer, Rafael Furst, Chris Ferguson, and Nelson Burtnick. Bitar and Burtnick are also named as defendants in a related criminal Indictment. Bitar, Lederer, Furst, and Ferguson are named as civil money-laundering defendants in this complaint.
Full Tilt will stay headquartered in Ireland, but will no longer operate under Alderney regulation (shocking). That aspect of FTP is moving over to the Isle of Man.
If you want to wade through it, Lee Jones has opened a thread on 2p2 answering questions about the deal.
Jeff Ifrah tells QuadJacks that ROW players should expect updates on FTP’s site. DOJ will make US news available soon quadjacks.tv
— QuadJacks.com (@QuadJacksDotCom) July 31, 2012
DOJ Settles With FTP/PokerStars on Civil Case; AP/UB assets to be liquidated; Player funds to be refunded. My take at bit.ly/MXpTv4
— Russell Fox (@russcfox) July 31, 2012
PokerStars will pay $547 Million to settle U.S. government charges and buy Full Tilt Poker onforb.es/NSrRfc
— Nathan Vardi (@nathanvardi) July 31, 2012
— pokerfuse (@pokerfuse) July 31, 2012
The Q&A link regarding Full Tilt Poker settlement is available here gambling911.com/gambling-news/…
— gambling911 (@gambling911) July 31, 2012
The U.S. Attorney’s office has approved a deal allowing Full Tilt Poker to forfeit all assets to PokerStars. tinyurl.com/cgpry8o
— PokerNews (@PokerNews) July 31, 2012