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PayPal class action settlement

Carbon Fetish

Carbon Fetish

Monkey
May 6, 2002
619
0
Irvine, CA
I got that e-mail too. From what I read, you have to prove that PayPal lost money durring a transaction. For me to qualify, I would have to go through 4 years worth of transactions to see of any money was lost.

The lawsuit alleges that PayPal violated the federal Electronic Fund Transfer Act ("EFTA"), 15 U.S.C. §§ 1693 et seq., including provisions requiring PayPal to supply customers with information about dispute resolution procedures and to follow certain procedures when investigating complaints of unauthorized or incorrect electronic fund transfers.
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C

ChrisNJ

Chimp
Feb 26, 2003
40
1
jersey
A respectable member on another forum i am on emailed paypal directly and they confirmed this email/lawsuit is legit.
 
C

ChrisNJ

Chimp
Feb 26, 2003
40
1
jersey
Here is the response he received.

Thank you for contacting PayPal.


Thank you for bringing the ¡§Notice of Pendency of Class Action and
Proposed Settlement¡¨ email to our attention. We can confirm that PayPal
sent this email. We apologize for any confusion this may have caused.


On June 11th, 2004 PayPal entered into a Settlement Agreement with Girard
Gibbs & De Bartolomeo LLP and Wolf Popper LLP for a lawsuit filed in 2002
on behalf of a class alleging that PayPal did not appropriately communicate
about customer transactions and did not appropriately process limits that
were placed on some customer accounts. In this agreement, PayPal does not
acknowledge that any of the allegations in the case are true and entered
into the Settlement Agreement to avoid further costs of litigation, and to
devote resources to more productive areas of our business


PayPal's employees and subsidiaries can not provide information or legal
advice in relation to the class action lawsuit and proposed settlement. You
may seek additional information about the settlement from the attorneys for
the class. They can be reached via email or by first class mail at:


paypalsettlement@settlement4onlinepayments.com


Girard Gibbs & De Bartolomeo LLP
601 California Street, Suite 1400
San Francisco, California 94108


Wolf Popper LLP
845 Third Avenue
New York, NY 10022


Additionally, you can obtain more information at
[ http://www.settlement4onlinepayments.com. ]

If you have any further questions regarding your account, please log in to
your PayPal account and click on Help (located on the upper right side) ³
Contact Us ³ Help by Email ³ Contact Customer Service.

Sincerely,


PayPal Account Review Department
PayPal
 
Zack

Zack

Monkey
Apr 5, 2004
131
0
West Menlo
Yeah, it's legit. You can do one of two things. File a short form claim where you basically just provide less information, and if you qualify, you get 50 bucks. Or you can file a long form claim. If you look through your records and can prove you lost a substantial amount, they will review it and then decide how much you should receive out of the amount (several million) PayPal has set aside for this settlement.
 
Smelly

Smelly

Turbo Monkey
Jun 17, 2004
1,254
1
out yonder, round bout a hootinany
so what's this lawsuit over? someone wanna put it in lay terms? it sounds like paypal got slapped with a class action lawsuit because someone thought they were taking too high a % and didn't communicate that clearly? am i wrong that it seems like a lawsuit instigated by a moron that could ruin the safest form of online payment?
 
Zack

Zack

Monkey
Apr 5, 2004
131
0
West Menlo
I'm not sure if I am totally correct on this, but it sounds like maybe the restrictions PayPal puts on different types of accounts could have caused somebody to lose a substantial amount of money in some type of transaction they needed to do.
 
Serial Midget

Serial Midget

Al Bundy
Jun 25, 2002
13,053
1,896
Fort of Rio Grande
I am happy with pay pal in general but... I am always confused about exchange rate fees, the cost of a transaction in foreign currency is subject to change if the transfer is not immediate. Years ago I had a transfer to Australia that took almost a week - in that time the exchange rate fluctuation caused an additional charge to my account. I don't remember what it was but it was pretty low- less than $1.00. I can see where it would have been a problem with large transactions.
 
quadricolour

quadricolour

Monkey
Jun 14, 2003
448
0
Cambria, CA
johnbryanpeters said:
I use PayPal and feel that they have provided and continue to provided a valuable service. For me, jumping on the class action bandwagon would be dishonest.

J
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That's nice. I, however, have a legitimate claim, and will be sending in my form today. :thumb:
 
Echo

Echo

crooked smile
Jul 10, 2002
11,819
15
Slacking at work
It looks like there is also a million bucks set aside for people who don't have a specific claim to make. What does that mean?

I'm pretty sure I joined before 1999, so I guess I'm not a member of the class anyway.
 
Toshi

Toshi

Harbinger of Doom
Oct 23, 2001
38,375
7,768
wow, Echo. paypal was founded in 1998 so you must have been quick on the draw...

anyway, i'm going to file a claim since i've been locked out of my account before when it was hacked (and no, i did not enter my login information in any non paypal site or answer those spam messages)
 
Echo

Echo

crooked smile
Jul 10, 2002
11,819
15
Slacking at work
Toshi said:
wow, Echo. paypal was founded in 1998 so you must have been quick on the draw...
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Well maybe it wasn't before 1999 then :D I thought I signed up back when I was working for a certain company, but maybe my memory is starting to fade with age :p
 
Dirt Merchant

Dirt Merchant

Monkey
Oct 16, 2003
247
0
Hilton, NY
"think for yourself, while it's still legal "

Sweet! They took a good chunka' money when I sold my DH bike in '99.
But I was fully aware, and charged accordingly......
 
COmtbiker12

COmtbiker12

Turbo Monkey
Dec 17, 2003
2,577
0
Colorado Springs
They took $70 from my $2000 when I sold my bighit. And until I tried to cash the money or transfer to a bank account I was never fully aware of how much they were taking from me.:rolleyes::confused:
 
Batman

Batman

Monkey
May 20, 2002
358
0
Mississauga
I also recieved this email a few days ago. I don't plan on doing anything about it, seeing as I've made a grand total of 2 payapl transactions.
 
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