The `Spider-Man` actor had a court action filed against him by a group of investors who claimed hedge fund manager Bradley Ruderman - who lost $25 million of investor money and is currently sentenced to 10 years in prison - squandered $300,000 of their money to Tobey during a series of games but the actor has agreed to pay the large sum of money to resolve his part in the case.
Howard Ehrenberg, the bankruptcy trustee who sued the group, said the poker settlements total more than $1.7 million and added that Tobey`s payout to resolve the case is similar to what others who agreed to settlements have paid.
He told The Hollywood Reporter: "He did not end up with any better settlement than the others."
Tobey signed a document on November 22 stating that he "strongly disputes that he violated any laws, rules or regulations in regard to participating in the poker games" but agreed to the payment to avoid fighting a costly court case..
If approved by a judge next month, the actor will pay the money to a bankruptcy trustee who is trying to recoup money that former hedge fund operator Bradley stole from investors to finance his lavish lifestyle.
Mr. Ruderman, is currently serving a 10 year federal prison sentence after pleading guilty to two counts of wire fraud, two counts of investment adviser fraud and willful failure to file taxes.