Phil Ivey sits out WSOP, sues Full Tilt Poker

Former Full-Tilt Poker endorser and poker superstar Phil Ivey has decided to sue Tiltware, the software and marketing provider for Full Tilt Poker.

The reasoning? Full-Tilt has failed to reimburse online player accounts after being shut down in April of this year.

“I am deeply disappointed and embarrassed that Full Tilt players have not been paid money they are owed. I am equally embarrassed that as a result many players cannot compete in tournaments and have suffered economic harm,” Ivey, who has played online on Full Tilt and appeared in the company’s TV commercials, said in a statement posted on his website.

Court records show that Ivey filed suit against Tiltware on Wednesday. In the suit, Ivey claims that Full Tilt still owes online players roughly $150M and that they either negligently or willfully failed to keep a large enough reserve to return the funds to the players.

Full Tilt was shut down after an FBI sting operation in April along with two other poker sites, PokerStars and Absolute Poker. Two of the companies, Full Tilt and PokerStars, bargained with officials to reopen their domains in order to repay players who had money in online accounts. PokerStars announced that they’ve repaid their players. Full Tilt, on the other hand, has announced that they are still working to “resolve the distribution of the funds”.

Full Tilt’s stance on repayment led to Ivey’s lawsuit, and his decision to sit out poker’s largest event, the World Series of Poker,

“I am not playing in the World Series of Poker as I do not believe it is fair that I compete when others cannot. I am doing everything I can to seek a solution to the problem as quickly as possible,” he said.

“My name and reputation have been dragged through the mud, through the inactivity and indecision of others, and on behalf of all poker players I refuse to remain silent any longer,” Ivey said. “I have electronically filed a lawsuit against Tiltware related to the unsettled player accounts. As I am sure the public can imagine, this was not an easy decision for me.

“I wholeheartedly refuse to accept non-action as to repayment of players funds and I am angered that people who have supported me throughout my career have been treated so poorly,” he said.

“I sincerely hope this statement will ignite those capable of resolving the problems into immediate action,” he added. (via ESPN)

The World Series of Poker began on Tuesday. Look for details on Ivey’s suit, in the coming weeks.