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Force Majeur

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Force Majeur - Sun Apr 17, 2011, 12:58 PM
(#1)
topthecat's Avatar
Since: Nov 2007
Posts: 1,962
Since the thread I originally posted this in was closed I decided to open a new thread as this should be very important reading for all US players with cash in Pokerstars accounts

I was searching the Pokerstar site in the hope that I would find something concrete that would provide reassurance to US players and the hope that should the proverbial really hit the fan, that they could be certain of getting their money back.

I do not have a legal background myself, a barrack room lawyer maybe, but my better half is a lawyer and I knew I had to look for the Terms and Conditions associated with real money transaction processing.

Initially, it looked very positive:

Quote:
PokerStars players' poker money and account balances are held in segregated accounts and not used for any of PokerStars' operational expenses. These segregated accounts are managed by a leading European bank. The arrangements ensure that PokerStars can at all times fulfill its monetary obligations toward its online poker players, and will provide further reassurance that players' funds are always secure with PokerStars.
The bold print is mine.

However, all companies, private or shareholder owned, always have legal contracts that indemnify them against liability or obligation in extraordinary events or circumstances:

http://www.pokerstars.eu/poker/real-...xchange-terms/

You will see by the first paragraph that Pokerstars (as any reasonable company does) have protected their liability in such cases by a "Force Majeur" clause and everyone registered on Pokerstars has agreed to this clause. Pokerstars are not doing anything wrong, they are just legally covering their asses.

Now, my personal take on this is that Pokerstars will pay out US players, because these funds are outside the jurisdiction of the FBI, based in Europe. Online gambling is legal in certain countries in Europe and I am 100% confident that U.S. Attorney Preet Bharara, who filed the indictment, will get short shrift from government and financial institutions here. On line gaming, gambling, poker, call it what you will, is regulated and licensed by government in the jurisdictions they are registered and they certainly are not going to give their cut of a very lucrative pie to the US.

So, I am sure everyone will get their money, it will just not be as quick as you would like. The only fly in the ointment I can see is that the FBI will have informed any financial institutions stateside, that if they process any financial transactions from Pokerstars, that they will be considered implicated in money laundering and fraud. I am certain that Pokerstars are already looking at legitimate ways to circumvent this.

I have already thought of a few myself

TC

PS If players end up not getting their money the fault lies directly with the FBI and not Pokerstars who I am confident will take all possible measures to process cashouts.
 
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Sun Apr 17, 2011, 01:51 PM
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TrumpinJoe's Avatar
Since: Jun 2010
Posts: 4,557
The thread containing your original post has not been closed. Someone with a sense of humour but with no privileges made a post in jest. Had the post been closed you would not have been able to add to it when you did.
 
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Sun Apr 17, 2011, 02:32 PM
(#3)
topthecat's Avatar
Since: Nov 2007
Posts: 1,962
And here's thinking I was still drunk LOL

TC

Thanks
 

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