The Stars Group has seen an $870m Black Friday ruling against the operator in the US state of Kentucky overturned by an appeal court.
The US government took sweeping action against the country’s online gambling operations, enforcing the 2006 unlawful Internet gaming Enforcement Act, a series of actions and reactions were set in motion- including the $870m lawsuit against PokerStars, lodged by the Commonwealth of Kentucky.
The Kentucky court of appeals stated that “Allowing a complaint, like the one put forth by the commonwealth, to move forward would lead to an absurd, unjust result.”
” We applaud the decision of the highly respected three judge panel of the Kentucky Court of appeals” said Marlon Goldstein, EVP and Chief legal officer of the Stars Group. “The Merit of the case prevailed and we look forward to putting this matter behind us as we sharpen our focus on executing on our growth strategy going forward.”
The Star Group said it now intends to petition for the release of $100m supersedeas bond it posted, which includes $5m in cash collateral and $65m in letters of credit securing the same. A Supersedeas bond is a holding payment submitted by defendants wishing to seek appeal against a judgement with a ficudiary penalty.
In a statement, stars said it expects the commonwealth to either petition the Court of appeals for a rehearsing review of the court of Appeals decision by the Kentucky Supreme Court.