Over $30m to be paid to former US poker players of Absolute Poker & Ultimate Bet
Back in April, it was announced that former online poker members of Absolute Poker and Ultimate Bet would be able to file a claim to receive funds owed to them stemming from the infamous Black Friday incident. Players who had deposited at both poker sites and were unable to retrieve their funds have now been able to file a claim via the Garden City Group. If this name sounds familiar, it is because the GCG was the claims administration group working on the Full Tilt Poker remission process over the past few years.
A settlement was reached with Absolute Poker and the Department of Justice in 2013 on the matter, with the DOJ having alleged that the company and others like them had told clients that deposited funds would be safe and secure, available for withdrawal at any time. The DOJ stated that Absolute Poker did not maintain the funds at an appropriate level where players could be compensated.
With the settlement reached in 2013, Absolute Poker was able to forfeit all their assets and monies which are now being distributed among the players affected. The Garden City Group has now announced that close to $33.5 million will be refunded during the remissions process.
An announcement was made via the website created for claims from former Absolute Poker and Ultimate Bet, http://www.absolutepokerclaims.com. The GCG stated:
“GCG has been informed that the Money Laundering and Asset Recovery Section of the Department of Justice (MLARS) has approved a first round of payments to Petitioners who confirmed their Absolute Poker/Ultimate Bet account balances prior to the initial June 9, 2017 filing deadline. The distribution will include payments to approximately 7,400 Petitioners with awards totaling almost $33.5 million.”
Individuals who had yet to file a claim and feel they are owed compensation from either online poker site have until September 7th to use the claims site to fill out a claim form. Information has to be provided where the Garden City Group can link the individual to an account at Ultimate Bet or Absolute Poker. If approved, then payment will be made.