Mon Jun 4, 2007 3:42 PM BST
LONDON, June 4 (Reuters) - Britain's NETeller Plc said on Monday it had agreed to a plan for U.S. customers to access their money for the first time since the online payment processor's U.S. funds were frozen in February.
On Feb. 8, NETeller said U.S. prosecutors had seized up to $55 million, stopping U.S. customers from accessing their money.
NETeller quit the United States in January, abandoning two thirds of its business after authorities arrested its Canadian founders. Stephen Lawrence and John Lefebvre were charged with handling billions of dollars in illegal gambling proceeds.
The legality of Internet gambling in the United States was ambiguous for many years but it was effectively banned last Oct. 13 when President George W. Bush signed legislation outlawing gaming financial transactions.
NETeller said in a statement on Monday that under the agreed distribution plan it would email customers with details of when they can log on to their accounts to request a repayment. Customers will not receive any interest and NETeller will not make any charge.
NETeller also said in a statement it was still cooperating with an investigation by the U.S. Attorney's Office (USAO) for the southern district of New York.
"The company has advised the USAO that it will use its best efforts to resolve the investigation no later than July 13," said NETeller whose shares are suspended.