By Matt Kaufman, Rakeback.com Poker News Editor
When PokerStars purchased Full Tilt Poker, the company took on the responsibility of paying owed funds to Full Tilt account holders throughout the world, with the exception of American players.
Today, the United States Department of Justice has announced the appointment of the Garden City Group to act as administrator in the handling of payments to U.S.-based players. The $547 million that PokerStars gave the DOJ for Full Tilt will be the source of funds for these payments.
The Garden City Group, based in New York, will be responsible for calculation of owed player funds and ultimately repayment. In the past they have handled similarly complex settlements, including the WorldCom Securities Litigation.
It is not yet entirely clear what players will receive. Many believe it will be a large percentage of account balances (with some removed to cover the expense of hiring the Garden City Group), while others have speculated the possibility that payments will be correlated to player deposit amounts instead.
We recommend that all U.S.-based players who are owed money from Full Tilt check out FullTiltPokerClaims.com to sign up for email notifications regarding the claims process.
As always, Rakeback.com will closely monitor and report on this situation as it develops.
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