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March 21, 2007
E-wallet company Neteller has announced it has signed an agreement with the US Department of Justice on the releasing of US customers’ funds currently frozen as a result of its legal spat with the US government.
The move comes in the wake of an initiative by disgruntled US-based Neteller customers to form a coalition aimed at freeing the funds estimated to be up to US$150 million.
According to a recent online report (reviewed casinos article), the new agreement “outlines terms and a timeline under which Neteller will work toward the orderly distribution of funds to its US customers”.
"We continue to be committed to returning funds to our US customers and working with the US Attorney's Office," said Ron Martin, Group President and CEO at Neteller. "Progress, while not always visible to the outside observer, has been steady and these agreements mark a milestone in the process."
However, the pending release of funds has been tempered with reports that it may take up to 75 days before US customers see their money.
For the online gaming industry, news of the agreement will be a welcome development in an environment rocked by the recent passing of tough anti-internet gambling laws by the US government. Many e-gaming enterprises, including online bingo games, have felt the pinch resulting from the loss of American customers due to US government action.
Written by John Witherspoon - Discover the world of online bingo! Come and play online bingo games at BingoStreet.com
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