11/28/2011 AT 03:00 PM EST
Tobey Maguire knows when to fold 'em – but it's going to cost him $80,000.
star has agreed to pay a portion of the $311,000 he allegedly won from convicted Ponzi schemer Brad Ruderman in high-stakes underground poker games
The settlement is spelled out in court papers filed by former Ruderman clients who claim that some of their lost millions ended up in Maguire's chip stacks at no-limit Texas Hold 'em games with a $100,000 buy-ins.
A trustee for Ruderman's debtors says he disagrees with Maguire that $80,000 is the actual amount at issue, but that the settlement makes sense when factoring in the cost and complexity of going forward in court.
As part of the settlement, Maguire contends he had no knowledge of getting money from a Ponzi scheme "or any other improper activity" and that the actor broke no laws.
Ruderman is serving more than 10 years in federal prison after pleading guilty in 2009 to five criminal counts including investor fraud and wire fraud.