Antigua and Barbuda said it's entitled to $3.44 billion in compensation from the U.S. in a World Trade Organization dispute over an American ban on Internet gambling.

The compensation would be in the form of Antigua withdrawing intellectual property protection for U.S. trademarks, patents and industrial designs, the government said in a statement.

After losing an appeal against earlier WTO decisions which found the U.S. ban illegal, the U.S. moved May 4 to 'clarify' its commitments to the Geneva-based trade arbiter, saying it 'never intended' to open its market to offshore Internet gambling when it made pledges on joining the WTO in 1994.

From The Gambling Planet Newsroom