Jeff Ifrah on Historic DOJ/Poker Stars/Full Tilt Deal

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In this video, Jeff Ifrah, founding partner of Ifrah Law and co-counsel to Full Tilt Poker, explains how the historic deal that was struck by Full Tilt Poker, Poker Stars and the United States Department of Justice (DOJ) is good, not only for the gaming industry, but also for the nation's businesses and economy.

On July 31, 2012, a $731 million deal to resolve federal civil charges against Full Tilt Poker and Poker Stars was announced. This See more +

In this video, Jeff Ifrah, founding partner of Ifrah Law and co-counsel to Full Tilt Poker, explains how the historic deal that was struck by Full Tilt Poker, Poker Stars and the United States Department of Justice (DOJ) is good, not only for the gaming industry, but also for the nation's businesses and economy.

On July 31, 2012, a $731 million deal to resolve federal civil charges against Full Tilt Poker and Poker Stars was announced. This was a three-way transaction between Full Tilt Poker, Poker Stars (two of the world’s largest online poker sites) and the DOJ. The deal, which resolved the civil forfeiture case against Full Tilt, paves the way for online poker players to be repaid, removes the “taint” from Full Tilt’s assets, and then sells those assets to Poker Stars.

The agreement is the result of a 15-month process which began when 12 indictments were unsealed by the United States Attorney of the Southern District of New York on April 15, 2011, a day that came to be known in the internet poker industry as “Black Friday.”

In this deal, Full Tilt surrendered their assets to the U.S. Department of Justice. PokerStars also settled its civil case with a settlement and forfeiture of $731 million, of which $184M will be paid directly to non-U.S. Full Tilt Poker customers and a remaining portion made available to compensate U.S. Full Tilt Poker customers via the Justice Department’s Asset Forfeiture Section. See less -

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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