UltimateBet owner gets $15 million in settlement with Excapsa

Tokwiro Enterprises, which owns Absolute Poker and UltimateBet, will receive $15 million from previous UltimateBet owner Excapsa Software as part of a settlement agreement over Excapsa's role in the "superuser" cheating scandal that's plagued UltimateBet this year.

According to a statement posted on the UltimateBet Web site, the $15 million "will be used immediately to refund players who were affected by the cheating scandal that Tokwiro inherited when it purchased the business from Excapsa."

Tokwiro purchased UltimateBet from Excapsa in 2006.

"We are pleased that we have finally agreed to a settlement with the previous owners of UltimateBet, and we are happy to announce the completion of the final refunds to players," said Paul Legget, Tokwiro's chief operating officer in the statement.

"We continue to reserve the right to pursue further legal action against any individual or individuals involved in stealing from us or our customers. With this settlement, however, our claims against Excapsa are satisfied, and all player refunds will be completed. This brings us significantly forward in our search for justice in the aftermath of the cheating scandal," Leggett added.