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Poker Blog established in 2003 as the first stop for poker news, poker stories, and bad poker advice.

July 30, 2007

Neteller UPDATE

by G-Rob

Updated with important NETeller release form information below
Updated AGAIN with even more important information below

Just got this e-mail from Neteller:

"The NETELLER Plc Group has announced that the distribution of funds to its US members will begin on July 30, 2007.

You are receiving this e-mail because our records reflect that you are a US member who may request funds from NETELLER. As of July 30, you will be able to make a request for funds on NETELLER’s website by signing in to your account. In the meantime, you should visit our online FAQs for more information about the distribution plan.

Please note that US members will not be able to request funds from the NETELLER website after January 26, 2008.



When I logged in they asked me to sign this release before releasing my funds:


You and NETELLER Plc Group (each, a "Releasing Party") mutually release, waive, and discharge each other (each, a "Released Party") from any and all manner of actions, causes of action, suits, promises, damages, judgments, executions, claims, counterclaims, demands, and any other form of liability whatsoever, in law or equity, known or unknown, that the Releasing Party ever had, now has, or hereafter can, shall, or may have against the Released Party from the date You opened Your Account to the Effective Date with respect to Your request to receive funds under the Distribution Plan and Your Account.

The additional definitions below apply to this release:

"You" or "Your" refers to you and any of your assigns, heirs, executors, agents, or anyone else acting on your behalf or in your capacity.

"NETELLER Plc Group" means NETELLER plc and its predecessors, successors, present and former affiliated companies, subsidiaries, assigns, officers, directors, stockholders, employees, and agents.

"Your Account" means your online stored value account with the Neteller plc Group, or any of them, which holds electronic money.

"Distribution Plan" means the distribution plan announced by NETELLER Plc Group on 4 June 2007 pursuant to agreements with the United States Attorney’s Office for the Southern District of New York and Navigant Consulting, Inc.

"Effective Date" means the date on which You successfully withdraw funds from Your Account under the Distribution Plan."

Update: Note this first. We ain't lawyers. However, after reading over the waiver and the writings of people smarter than us, it appears the NETeller release is a sort of sly attempt on NETeller's part to get as many of us as possible to sign-off on not suing them for breaking the Terms of Service to which we all agreed when we signed up for an account. In short, they know they are breaking the terms of service and that any of us could try to sue them.

You should know that you do not have to sign this waiver to get your money. You can deny acceptance of the waiver, move on to the next step, and withdraw your money.

By signing the waiver, you are basically giving up your right to sue NETeller at a later date. In exchange, NETeller is agreeing to not sue you at a later date. I'm not sure how many people have to worry about NETeller suing them. I'd guess the answer is none, but who knows. If you think NETeller is going to sue you for something, sign the waiver and be happy that you're getting the money. For what it is worth, I didn't sign the release and my transfer (for no small sum of money) seemed to go through just fine. I don't plan on suing NETeller for anything, but I didn't see any reason to sign off on anything when it wasn't necessary to get my money. I probably will talk bad about NETeller at cocktail parties, but litigation seems ike a fruitless endeavor.

Also, for what it is worth, I didn't receive the e-mail G-Rob mentioned above. However, as I've been waiting for this day for six months, I was sort of eager and went straight to NETeller on my own. --Otis

Update #2: How could this update be more important than the ones that came before it? Well how about this? My money--every last dollar and penny of it--hit my back account in less than 24 hours. The case may not be closed, but I'm done thinking about it. I think my wife needs a new kitchen. --Otis

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