After months of negotiations with the U.S. Department of Justice, PokerStars has completed the purchase of Full Tilt Poker.
On Tuesday, the U.S. Attorney’s office approved a deal allowing Full Tilt Poker to forfeit all of its assets to PokerStars. In return, PokerStars will forfeit $547 million to the U.S. government over the next three years. Once the transfer of assets is finalized, PokerStars will make available all outstanding balances owing to all non-U.S. customers of Full Tilt Poker — an amount totaling $184 million — within 90 days. U.S. players, owed approximately $150 million, will be refunded separately. PokerNews will have more on this as it becomes available.
PokerStars’ acquisition of the forfeited Full Tilt assets will be complete upon the U.S. Government’s receipt of a $225 million payment from PokerStars. The payment must be made within six days of the entrance of today’s settlement.
“We are pleased to announce these settlements by Full Tilt Poker and PokerStars, which allow us to quickly get significant compensation into the victim players’ hands,” said Preet Bharara, the United States Attorney for the Southern District of New York in a press release. “Today’s settlements demonstrate that if you engage in conduct that violates the laws of the United States, as we alleged in this case, then even if you are doing so from across the ocean, you will have to answer for that conduct and turn over your ill-gotten gains.”
Full Tilt Poker has issued a statement that can be found at diamondflushpoker.com.
Read more: http://www.pokernews.com/news/2012/07/pokerstars-acquires-full-tilt-poker-assets-players-refunded-13146.htm