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Wednesday July
28th, 2004
PayPal class action lawsuit settlement
PayPal is offering a class action lawsuit settlement.
Users who opened an account between October 1999 and January 2004 might qualify.
There is a $9.25 million settlement fund for claims of violations of the Electronic Fund Transfer Act (EFTA) which PayPal refuses to admit applies to their business. Statutory Damage Fund Claimants do not even have to have a complaint related to the lawsuit, they will split up $1 million.
(the settlement website is extremely overloaded and very slow right now)
http://www.paypal.com/settlement/
http://www.settlement4onlinepayments.com
PayPal settlement agreement PDF
PayPal summary PDF
Very good coverage/explanation of the entire deal here:
http://www.itmanagersjournal.com/article.pl?sid=04/07/28/1639215
Users who opened an account between October 1999 and January 2004 might qualify.
There is a $9.25 million settlement fund for claims of violations of the Electronic Fund Transfer Act (EFTA) which PayPal refuses to admit applies to their business. Statutory Damage Fund Claimants do not even have to have a complaint related to the lawsuit, they will split up $1 million.
(the settlement website is extremely overloaded and very slow right now)
http://www.paypal.com/settlement/
http://www.settlement4onlinepayments.com
... the website of the claims administrator for the class action settlement in In re PayPal Litigation, Case No. 02 1227 JF PVT, pending in the United States District Court for the Northern District of California in San Jose. On July 12, 2004 the Court preliminarily approved the proposed settlement and directed that class members be given notice of the settlement.
.......
Please note that online claim forms must be completed by October 23, 2004 in order to qualify for payment.
PayPal Settlement FAQ.......
Please note that online claim forms must be completed by October 23, 2004 in order to qualify for payment.
PayPal settlement agreement PDF
PayPal summary PDF
Very good coverage/explanation of the entire deal here:
http://www.itmanagersjournal.com/article.pl?sid=04/07/28/1639215
The lawsuit, filed by attorneys at Jacoby & Meyers law firm shortly after PayPal's IPO on February 14, 2002, claims that PayPal illegally restricted customers' access to the funds in their accounts and did not provide proper account statements, both in violation of the Electronic Fund Transfer Act (EFTA).
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