DOJ Releases Pokerstars Luxembourg account

Monday September 5, 2011 :  With the exception of $5.5 million tagged as proceeds from U.S. play
 
It appears that an agreement has been reached between the U.S. Department of Justice and Pokerstars with the emergence of an order signed by U.S. District Court Judge, Leonard B. Sand, dated September 2 2011.
 
Under the terms of the agreement, the order authorises the release of funds from a seized Bank Hapoalim Luxembourg account belonging to Sphene International Ltd, one of the companies named collectively as PokerStars, which was indicted in the April 15, 2011 online poker crackdown.
 
The company has been given access to an unspecified amount of funds in the account with the exception of $ 5.5 million which has been tagged as being derived from online poker play for real money in the United States and is to remain in the account untouched until a final outcome is reached in pending Federal U.S. legal action against the company.
 
Industry observers surmise that the company has been given access to the remainder of the funds because of clear and concise account keeping which has enabled the company to provide the DOJ with details on what portion was derived from U.S. action.  PokerStars has diligently worked at refunding its American players following the "Black Friday" indictments.