Absolute Poker/UB Strike Agreement with DoJDeal to Help Company Work Toward Player Cash Outs |
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Absolute Poker has reached an agreement with the United States Attorney’s office for the Southern District of New York (SDNY), according to a Tuesday press release. Under the agreement, the US Attorney’s Office has agreed to provide all necessary assurances that third parties may work with Absolute Poker to facilitate the return of funds, currently held by third party processors, to players located in the US.
The company has also notified the SDNY that it has closed its US-facing operations, and it has agreed to cease all real money play in the US. As such, Absolute Poker has not requested the return of its worldwide domain names (www.AbsolutePoker.com, www.UltimateBet.com and www.UB.com), and Tuesday’s agreement does not provide for their return. The agreement also provides for the appointment of “monitor,” approved by the US Attorney’s Office, to assess the company’s compliance with the terms of the agreement.
Despite the agreement, player funds will not become immediately available for withdrawal. The press release stated that Absolute Poker’s primary concern is to refund US player balances.
A company spokesperson said in the press release:
Today’s signing of the agreement with the DoJ is an important step towards the safe and efficient return of funds to our US players. We can now move as expeditiously as possible to collect player monies from third party processors as a prelude to establishing proper mechanisms for the return of funds to our US players. As previously announced, we have already taken specific actions to exit the US market by closing our US-facing operations. Blank Rome LLP will continue to engage in discussions with the SDNY in order to complete the necessary agreements for the final transfer of frozen fund balances to our US players. This remains our highest priority. We will continue to update our players and the poker community, as we move forward to resolve outstanding issues.
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