Claims Remission Process For Absolute Poker And Ultimate Bet Has

Posted by Carolyn on Aug 23, 2017 Posted in Legal Poker News, Poker Player News, Poker Players, US Poker News | No Comments »

Players who lost money after the closure of online poker sites Absolute Poker and Ultimate Bet may finally be able to recover their funds – atleast to some extent.  According to absolutepokerclaims.com, the first round of payments has been approved by the Money Laundering and Asset Recovery Section of the Department of Justice (MLARS).

Remission Process Has Commenced

The initial payments totaling around $33.5 million will be made to 7,400 petitioners and reports state that the process has already been started. This remission comes after a similar process was completed for the failed site Full Tilt Poker website, where the U.S. Department of Justice (DOJ) paid out around $118 million to players who were owed money by the online poker site.

The repayment is in line with an agreement reached between the DOJ  – Absolute Poker and Ultimate Bet. The settlement  agreement had stated that third parties would facilitate the return of the money that players have lost to these two failed sites. The process being followed in this case is similar to that of the Full Tilt Poker remission.

GCG Will Oversee Reimbursement Process

Garden City Group, LLC which handled the Full Tilt Poker remission process will once again be in charge of distributing the funds ,working on behalf of the Absolute Poker Claims Administration. The claimants who are residents of the United States will be receiving their money via electronic bank transfers while those living outside the U.S. will receive their funds through a USD check or a foreign currency check or a wire transfer depending on their country. The payment will be received after approximately 4-6 weeks.

The GCG has been sending out emails to approved petitioners regarding the amount and method of payment along with instructions with respect to them sharing their banking information.

Petitioners who are yet to submit their claims still have an opportunity to do so. The deadline for submitting a remission claim has been extended to Sept. 7, 2017 as per the Claims Administration website. Instructions for the process to be followed is available on the website. The final date set for players to register their claim was fixed for June 9, 2017 but a deadline extension was granted.

It is still not clear if a full refund will be given out to all affected. Industry experts point out that when it came to the Full Tilt Poker settlement, there was a difference of close to $400 million between what was paid out as a refund to the players and what PokerStars paid in 2012 to settle its case with the DOJ.

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