..

Court Approves $15 Million Settlement in UltimateBet Matter

Written by:
Guest
Published on:
Nov/06/2008

Tokwiro Claimed Damages As A Result of UltimateBet Cheating Scandal Refunds To Affected Players Completed

MONTREAL - Tokwiro Enterprises, ENRG ("Tokwiro"), the owner of Absolute Poker and Ultimate Bet, today confirmed the settlement of its claims against Excapsa Software (PINK:ECSWF), the previous owner of UltimateBet. The Honorable Madame Justice Sarah E. Pepall of the Ontario Superior Court of Justice endorsed the settlement on November 3, 2008. Under the terms of the agreement, Excapsa will pay US$15 million to Blast-Off Ltd., the Tokwiro-controlled company that originally acquired UltimateBet. This payment will be used immediately to refund players who were affected by the cheating scandal that Tokwiro inherited when it purchased the business from Excapsa.

Paul Leggett, Tokwiro's Chief Operating Officer, said: "We are pleased that we have finally agreed to a settlement with the previous owners of UltimateBet.com, and we are happy to announce the completion of the final refunds to players. Together with our regulatory body, the Kahnawake Gaming Commission, we have fought long and hard to hold those responsible accountable for the fraud, to refund players, and to ensure this can never happen again. Now that the main perpetrator has been named, the settlement with the previous owners is behind us, and players have received refunds, it should now be apparent that Tokwiro had no involvement in this cheating and that we have fought to correct it with every tool at our disposal.

"We continue to reserve the right to pursue further legal action against any individual or individuals involved in stealing from us or our customers. With this settlement, however, our claims against Excapsa are satisfied, and all player refunds will be completed. This brings us significantly forward in our search for justice in the aftermath of the cheating scandal," concluded Mr. Leggett.

Gambling News

Gambling and Sports Betting News March 30, 2020: Asia Casinos Predict Up to 80% Visitor Drop First Half of 2020

Here are today's headlines in the world of gambling and sports betting as they happen - Monday March 30, 2020.

Tribal Gaming Official Rejects Oklahoma Governor’s Offer

Tribal Gaming Official Rejects Oklahoma Governor’s Offer

The state’s top Native American gaming official rejected Oklahoma Gov. Kevin Stitt’s latest casino gambling offer on Friday and accused the governor of trying to take advantage of the tribes during the coronavirus pandemic.

Can I Bet With BetOnline From Washington State?

Can I Bet With BetOnline From Washington State?

BetOnline is accessible from Washington State and offers some of the best welcome bonuses in the business.

Gambling and Sports Betting News March 26, 2020: Still No Mobile Sports Betting in NY

New York Governor Andrew Cuomo has put the kibosh on mobile sports betting for 2020.

CEOs to Share Post-COVID-19 Vision at Industry’s Biggest Online Conference

CEOs to Share Post-COVID-19 Vision at Industry’s Biggest Online Conference

SBC Events is launching the SBC Digital Summit - the biggest ever online conference in the betting & gaming industry as it comes to terms with the deep impact of the coronavirus pandemic.

Syndicate