Their hands are kind of tied on this one. I don't like it, nobody really likes it all that much, but if they just gave us full refunds flat out it would end up losing Rito a lot of money on their end.
Riot's employees have bills to pay like the rest of us. For us players, it's an inconvenience and aggrevating to hell, but a significant loss of revenue for Riot (gold sinks in games exist for a reason, Riot is adding a lot of currency to the in-game economy which means we spend less on RP) means missed opportunities for employment and possibly layoffs.
Honestly, there's no decision that can be made in this conflict that won't end up screwing someone. It sucks, but I'd rather be gimped than a Rioter lose their job over it.