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U.S. Department of Justice Requests Settlement Agreement with Absolute Poker/Ultimate Bet

U.S. Department of Justice Requests Settlement Agreement with Absolute Poker/Ultimate Bet 0001

On Tuesday, the United States Attorney for the Southern District of New York submitted a declaration in support of the government's motion for the entry of proposed stipulated order of settlement between the Government and Absolute Poker parties, including Ultimate Bet.

The aforementioned parties, known collectively as the “Absolute Poker Settlement Group,” include Absolute Poker, Ultimate Bet, Absolute Entertainment, S.A., Blanca Games, Inc., Hoop & Javelin Holdings Limited, Hoop Payment Solution Services Ltd., and Morning Bliss Overseas Ltd.

According to the Stipulation and Order of Settlement with Respect to Absolute Poker, the group agreed to forfeit all of their rights and properties to the United States. In addition, “The Absolute Poker Group further expressly agrees and understands that nothing in this Stipulation and Order of Settlement is intended to transfer, assign or convey the liabilities of any persons or entities, including the companies in the Absolute Poker Group.”

The Stipulation and Order of Settlement went on to explain that the deal was not “deemed an admission of culpability, liability, or guilt on behalf of the Absolute Poker Group,” and that, “The civil money laundering claims against the Named Absolute Companies are herby dismissed with prejudice, with the exception of the civil money laundering claims against Blue Water Services Ltd., Trust Services Ltd., SGS Systems Inc. and Fiducia Exchange Ltd., which remain pending.”

Furthermore, the Absolute Poker Group agreed to cooperate fully with the U.S. Attorney’s Office for the Southern District of New York and gave up any claim “that the United States’ seizure, restraint, and/or constructive possession of the Defendant Property.”

Within the U.S. Department of Justice's press release regarding a settlement with PokerStars for Full Tilt Poker's assets, the DOJ touched on its motion requesting for a settlement agreement with Absolute Poker/Ultimate Bet. The agreement would require "the company to forfeit all of its assets in order to fully resolve this action. The motion also requests that the governement be permitted to liquidate the Absolute Assets, with the net proceeds of that sale to be held pending the resolution of claims filed by other parties who have asserted an ownership interest in the Absolute Assets."

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