Good news for former American customers of the former Full Tilt Poker: The DoJ has officially named the company who will handle repayment of player balances.
The company identified by the DoJ is the Garden City Group. According to their website:
GCG is the recognized leader in legal administration services for class action settlements, bankruptcy cases and legal noticing programs.
And from the DoJ presser:
GCG is a class action settlement and bankruptcy administration company that has provided comprehensive legal administration services for nearly three decades. GCG has worked on numerous complex administrations, including the Gulf Coast Claims Facility; the Deepwater Horizon Economic and Property Damage Settlement; the Visa Check/MasterMoney Antitrust Litigation; the WorldCom Securities Litigation; and the IPO Securities Litigation.
Right now there’s a pretty spartan website from GCG – FullTiltPokerClaims.com – that offers a quick summary of the legal backstory. This will also be the website where you will eventually submit claims for Full Tilt funds.
But you won’t find much in the way of concrete details there yet. Excerpt:
The victim claims process will begin shortly. Information about the claims administration will be posted on this website. Click here to register to receive email notification regarding the commencement of the claim process and other important information.
Please continue to check this website for updates regarding this administration. Once the claim process begins, claimants will be able to submit Petitions for Remission electronically through this website.
You can sign up for email alerts here.
The website also lists an email, toll-free number and a postal address for inquiries.
Toll-free phone: (866) 250-2640
Email: [email protected]
Full Tilt Poker Claims Administration
P.O. Box 9965
Dublin, Ohio 43017-5965
Yes. While long-awaited and anticipated, the naming of an administrator is an essential step in the process of getting FTP players repaid.
As Rich Muny of the Poker Player’s Alliance put it in a statement:
“I am pleased that the Department of Justice has completed this important milestone in the remission process for victims of Full Tilt Poker. This is, as we have all seen, a lengthy process. While the claims administrator has a lot of work to do before we can expect payments, the naming of the administrator is an important step to making that happen.
I am very happy that the poker community is organized and was able to reach out to the DoJ as a group to make the case successfully that we are fraud victims deserving of remission.
For what it’s worth, I have around five figures on Full Tilt Poker myself and will be working through the exact same process as everyone else. I believe going through this in real time, and the information I will gather as a result, will help me in my role as the player relations point person in this matter.”
Unknown. I think the theory that players would only get deposits, not winnings, returned was first posited over at Forbes.
PokerScout summed up the potential downside well via Twitter:
Every press release seems to be consistent with the idea that the DOJ will screw players and keep most money for themselves
— Poker Scout (@PokerScout1) March 13, 2013
Bottom line: We don’t know yet, but it’s certainly possible players will receive something less than their full balances.
Nothing yet. Today’s news moves us closer to repayment, but the specifics of the actual timetable for repayment of Full Tilt Poker’s U.S. customers remain unclear.
Each remission process is obviously unique, but he’s a general guide from the DoJ regarding how remission works from the victim’s point of view. The PPA also wrote up a general guide with some helpful information.
For those trying to find FTP balances in client. MT @icekevin:requests—>account history (web) then fill in dates around black Friday.
— Kevin Mathers (@Kevmath) March 13, 2013
Players are still in a holding pattern despite today’s positive news. Without a timeline or a structure, there’s little players can uniquely do to prepare. You might consider:
From the DoJ presser: Manhattan U.S. Attorney Preet Bharara said “The Garden City Group brings a track record of handling the administration of some of the country’s largest and most complicated settlements. With their selection, we take a significant step forward in the process of compensating victims of the Full Tilt Poker scheme.”
Note that he chose to merely call it a “scheme” – not a “ponzi scheme.”