PokerStrategy Wins Lawsuit against Pocket Kings
February 28th, 2013 by Site Admin
PokerStrategy accused Pocket Kings of withholding $1.2 million last August. They filed a lawsuit seeking restitution for the unpaid fees. Pocket Kings decided not to contest the charges in court. As a result, the Irish High Court ruled in favor of PokerStrategy.
Damon Banard, the attorney representing PokerStrategy, said that the firm is relieved that the court chose to rule in their favor. However, Banard also said that PokerStategy is skeptical that they will receive the entire settlement they are owed from Pocket Kings.
Pocket Kings is a subsidiary of Full Tilt Poker and is currently facing bankruptcy. Big 4 auditing firm PricewaterhouseCoopers is charged with helping Pocket Kings sort out its insolvency issues. The firm owes considerable back pay to many other affiliates and may not have the finances to repay all of them.
Barnard has said he will cooperate with PricewaterhouseCoopers investigation. He is concerned that Pocket Kings and its directors have acted unfaithfully in their dealings with PokerStrategy and other affiliates. He hopes his cooperation will be able to shed some light on their conduct and ensure all affiliates receive as much of their back pay as possible.
Helen O’Kane, the policy manager for the UK Gambling Commission, said that regulations need to be strengthened. Full Tilt affiliates and players went more than a year without being compensated for their earnings. O’Kane said that the regulator will take the necessary measures to reduce the likelihood that a similar travesty will happen in the future.
However, O’Kane said that the government will be careful what steps it takes to enhance their oversigh of online gaming providers. She said that the United Kingdom will not be seizing player funds and does not intend to require gaming providers to maintain certain liquidity standards.
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