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The US Department of Justice has approved the first round of payments to those customers affected by the abrupt closure of Absolute Poker and Ultimate Bet in 2011 following a series of indictments lodged against poker company reps.
The Garden City Group has been assigned as administrators to ensure correct payments are made to customers.
From PokerIndustryPro.com:
This first round of payments totals nearly $33.5 million and will be distributed to the approximately 7400 petitioners that filed claims prior to the initial June 9, 2017 filing deadline. The current deadline to submit petitions is September 7, 2017.
Payment amounts have been calculated based on players’ last known account balance on Absolute Poker and Ultimate Bet, which combined formed the Cereus Poker Network. Affiliates and “professional players” are subject to an undisclosed alternative calculation method to determine eligible claim amounts.
Settlement of claims for Absolute Poker and Ultimate Bet deposit balances are being administered by Garden City Group, LLC , the same firm that handled the Full Tilt claims process which returned more than $118 million to more than 44 thousand fraud victims that were deceived by the online poker company which led its customers to believe that their deposits were “safe, secure, and available for withdrawal at any time,” according to the DOJ.
- Ace King, Gambling911.com
