On June 1st, 2008, PartyGaming PLC is reportedly close on finalizing a settlement with the U.S. Department of Justice. PartyGaming saw its stocks improve more than ten percent as dealers started believing the online poker settlement news.
According to industry resources, the settlement between the Department of Justice and PartyGaming could be as big as $1 billion. The founders of the online casino, the husband and wife tandem of Russ De Leon and Ruth Parasol, would both contribute to the settlement. Resources that are closest to the couple commented that the couple will not agree to a jail term.
It is also widely believe that the employees or anyone involved with the company will be allowed to travel to the U.S. without any fear of being arrested by the police. The settlement would also mean that the United States Department of Justice would forgive PartyGaming for any online related wagering that they have facilitated before they have pulled out of the U.S. market in 2006.
The problems of PartyGaming started when the Unlawful Internet Gambling Enforcement Act (UIGEA) was passed by the U.S. in 2006. It forbids companies especially online gaming companies to operate in the U.S. and financial organizations like banks to process gaming related transactions.