Newspaper article The Canadian Press

Stars Group Shares Surge on Legal Victory at the Kentucky Court of Appeals

Newspaper article The Canadian Press

Stars Group Shares Surge on Legal Victory at the Kentucky Court of Appeals

Article excerpt

Stars Group gets U.S. judicial boost

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TORONTO - Shares of The Stars Group Inc. surged in midday trading after it announced that the Kentucky Court of Appeals has reversed a US$870-million lower court ruling against the online gaming company.

It says Kentucky residents had sued PokerStars in 2010, about four years before The Stars Group bought the site, for gambling losses under a centuries-old statue.

The company's shares gained $1.64 or 7.9 per cent at $22.47 on the Toronto Stock Exchange after news of the successful appeal.

The Stars Group says it plans to seek the release of a US$100-million bond posted during the appeals process. About US$300 million continues to be held in an escrow fund established under the merger agreement governing the US$4.9-billion acquisition of PokerStars in 2014 by the company then known as Amaya Gaming. …

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