Just a few days ago we reported that the Department of Justice was seeking an outside firm to help with the repayment process in the Full Tilt Poker case. The DOJ would like to hire a claims administrative firm to handle the claims, which would be upwards of 1.3 million poker players. The total amount of the claim is around $159 million.
According to a recent statement by the DOJ, poker players who are owed money would file a claim with the third party firm. The hiring process for the third party is unknown but the DOJ would like for applications to be received by August 31st.
Card Player has shed new light on this subject after quoting Michael Bancroft, a partner of Heffler, Radetich and Saitta LLP of Philadelphia, which are a claims administration group and one of the best in the nation. Bancroft stated that the DOJ will most likely ask for proposals from each firm that files an application. Bancroft stated that companies interested in the position normally bid on the project. The government will then look at the experience level of the group as well as the bid price before they hire a company.
Usually, the company with the cheapest price will win if they have similar experience to the other companies who have bid for the job. This thought has been corroborated somewhat because the DOJ has stated on the site that they would like any firms who are applying to list ‘any discounted government rates’.
Bancroft also stated that repayment time will depend on the case. Some cases are easy and others take a longer period of time. The DOJ has plenty of money to pay back all players 100% but it remains to be seen if players will be getting a full refund.
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