Posts Tagged ‘UB Poker payments’

UB Poker & Absolute Victims to Receive $33m from US DOJ

Monday, August 21st, 2017

absolute-poker-fundsOver six years ago, UB Poker and Absolute Poker players were burned when both sites shut down and failed to honor deposits. But this week, ex-UB and Absolute players were relieved to find out that they’ll receive over $33 million collectively from the US Department of Justice.

Garden City Group, which distributed payouts for Full Tilt Poker, has been hired to handle the UB/Absolute payouts too. Garden City stated that this “will include payments to approximately 7,400 petitioners with awards totaling almost $33.5 million.”

The final deadline to file for repayment is September 7. If you think that you’re owed money, then you’d better visit AbsolutePokerClaims and file your claim before the 7th.

It’s worth mentioning that not all of the money will be repaid. After all, Absolute Poker had around $60 million in player funds at the time of their shutdown. But given that many players thought their money was lost for good, they’ll take what they get.

How will UB and Absolute Poker Payouts be Made?

ub-poker-foldsThe Garden City Group (GCG) will make payouts through electronic ACH to affected Americans.

They’ll use foreign currency checks to repay those from other countries. If a foreign currency check can’t be used, GCG will make payments through a USD check or foreign currency wire.

GCG is sending emails to those approved for payouts. The emails feature the amount owed, payment method, and instructions for submitting necessary payment details.

US players who “were identified as having a delinquent debt qualifying for collection” through the Treasury Offset Program will have funds taken from their payments.

Why are UB and Absolute Players being Repaid Now?

Refunding affected Absolute/UB players wasn’t a top priory for the US DoJ. However, they made enough from the Black Friday settlement with PokerStars that they decided to give back another $33.5 million to former UB and Absolute players.

Both of these sites were part of the CEREUS Network, which shut down following Black Friday. CEREUS knew that without their large American player base, they stood no chance. As mentioned before, they also failed to ring-fence player deposits and refund customers.