Today, Ifrah Law, a boutique litigation firm, is pleased to announce the successful representation of Full Tilt Poker in a three-way transaction between the world’s largest online poker site, Poker Stars, and the United States Department of Justice (DOJ). The deal, which resolves the civil forfeiture case against Full Tilt, paves the way for online poker players to be repaid, removes the “taint” from Full Tilt’s assets, and then sells those assets to Poker Stars.
“This was the case of a lifetime — I don’t know if John Grisham could have thought this one up,” said Jeff Ifrah, counsel for Full Tilt in the transaction and architect of the Poker Stars/DOJ deal. “Full Tilt and Poker Stars had the interests of the players and the future of online poker at heart — we knew that getting the players paid had to be a part of this transaction. A lot of people pulled together to make this a win-win and it was very exciting and gratifying to be involved in.”
A Q&A with Jeff Ifrah on the Full Tilt sale and its implications is available here.
The Ifrah Law firm worked with Cozen O’Connor’s Barry Boss and Anne Madonia as co-counsel. Poker Stars was represented by Skadden, Arps, Slate, Meagher & Flom.
Today’s agreement is the result of a 15-month process which began when 12 indictments were unsealed by the District Attorney of the Southern District of New York on April 15, 2011, a day that came to be known in the internet poker industry as “Black Friday.”
Today, Full Tilt surrendered their assets to the U.S. Department of Justice. PokerStars also settled its civil case with a settlement and forfeiture of $731 million of which $184M will be paid directly to non-US FTP customers and the remaining portion made available to compensate U.S. FTP customers via the Justice Department’s Asset Forfeiture Section.
Ifrah Law, founded in 2009, is located in downtown Washington, D.C. The firm represents clients in a variety of litigation settings and specializes in internet advertising, igaming, government contracts and healthcare. The firm’s attorneys author two noted blogs, www.crimeinthesuites.com, an analysis of current issues in white collar defense and www.ftcbeat.com, FTC and State AG News for Ecommerce. For more information, please visit www.ifrahlaw.com.