Former Full Tilt Poker players in the U.S. who have been waiting almost four years for reimbursement in the remission process can expect another wave of payments by the end of this month.
Roughly 3,500 petitioners, including those whose claims had been disputed, are set to receive around $2.8 million. That announcement was posted on the official Full Tilt Poker claims website set up by claims administrator Garden City Group (GCG).
The GCG website had been untouched for 4 and 1/2 months (since October 27, 2014) prior to the latest March 16 update. The new posting advises that petitioners with disputed account balances of $500 or less can expect payment within two weeks. As can petitioners with disputed claims between $500.01 and $2,000, provided that “the difference between the FTP Account Balance and the disputed amount is 20% or less.”
Also included in this latest round of disbursement will be petitioners with confirmed account balances whose reimbursement had been delayed due to various deficiencies, presumably inaccurate bank account information and the like. Of the 3,500 set to be paid, it is not fully known what percentage are categorized as disputed or previously deficient.
DoJ Calling the Shots
Payment has been approved by the Department of Justice (DoJ) Asset Forfeiture and Money Laundering Section, who took over the remission process after PokerStars purchased Full Tilt while under ownership of Rational Group. That company has since been sold to Amaya in last summer’s blockbuster deal.
PokerStars (Rational) paid out rest-of-world players upon relaunching in November 2012. The DoJ insisted on being part of the remission process for U.S. players and farmed out the administrative end of processing claims to GCG. But the DoJ still signs off on all payments.
As with previous rounds of reimbursement, the GCG verifies player bank accounts by making zero-dollar transactions to those accounts. Players may see such a dummy deposit on their bank statements (or may not depending on their bank’s policies), but can expect the rightful payment shortly thereafter if the account number is valid and correct.
More Rounds of Payments Ahead
Players with disputed claims between $500.01 and $2,000 in which the disputed difference is greater than 20%, as well as disputed claims over $2,000, continue to remain “under review” and will be doled out in later distributions at unknown dates.
Petitioners approved for March payment in this round who have delinquent debts to the government can expect to have their balances reduced by the amount in arrears. Those players will be duly notified and advised of required paperwork to be completed.
Thus far, over 33,500 former Full Tilt players in the U.S. have received close to $97 million in four rounds of payments that began on Green Friday in February 2014. The upcoming disbursement will bring those totals to about 37,000 players and a nice round $100 million.