$15 Million Settlement in UB Cheating Scandal

  • | November 6, 2008 at 3:14 pm

Tokwiro Enterprises, the parent company of AbsolutePoker and UltimateBet, has confirmed the settlement of its claims against Excapsa Software, the owners of UltimateBet when the cheating occured.
 
The agreement states that Excapsa will immediately pay $15 million to Tokwiro-subsidiary Blast-Off Ltd., the company that purchased UB from Excapsa.  The money is to be distributed immediately to the players that were directly affected by the cheating scandal.

 
Paul Leggett, Tokwiro’s Chief Operating Officer, said: “We are pleased that we have finally agreed to a settlement with the previous owners of UltimateBet, and we are happy to announce the completion of the final refunds to players.  Now that the main perpetrator has been named, the settlement with the previous owners is behind us, and players have received refunds, it should now be apparent that Tokwiro had no involvement in this cheating and that we have fought to correct it with every tool at our disposal. We continue to reserve the right to pursue further legal action against any individual or individuals involved in stealing from us or our customers. With this settlement, however, our claims against Excapsa are satisfied, and all player refunds will be completed.”
 
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