PayPal News - PayPal settles Class Action suit for $9.25 million

[SunnyD]

This should tell you ALL that something is wrong with PayPal.

SAN FRANCISCO (Reuters) ? PayPal, eBay's online payment system, said Monday it will pay $9.25 million to settle a federal class action lawsuit.
In their 2002 lawsuit, which resulted from the consolidation of two separate cases filed in federal court in Northern California, some PayPal customers alleged that the company did not appropriately communicate about customer transactions and did not appropriately process limits that were placed on some customer accounts.

The case involves individuals and businesses that had a PayPal account during the period from Oct. 1, 1999 through Jan. 31, 2004. PayPal users in European Union member countries are excluded.

If the settlement is approved, the federal case and a similar case pending in California State Court, will be dismissed.

PayPal, which was purchased by eBay in October 2002, did not acknowledge that any of the plaintiffs' allegations are true.

"We're simply doing this to put the case behind us and to focus on more productive aspects of our business," PayPal spokeswoman Amanda Pires told Reuters.

Plaintiffs attorneys have asked the court for $3.3 million in fees and $135,000 in costs that, if approved, would be deducted from the settlement fund, Pires said.

American Technology Research analyst Mark Mahaney said the settlement account was immaterial to the operator of the world's No. 1 online bazaar.

"This is chump change for eBay," he said.

Shares of eBay, which had finished at down 2% to $85.62 on the Nasdaq, ticked up to $85.77 in after-hours trading.

It's a shame the lawyers get 1/3 of the settlement. But then again, that's lawyers for you. Stupid parasites.

 

[toy4x4]

So how much do I get?

 

[iamwiz82]

Originally posted by: toy4x4
So how much do I get?

about $.37, minus taxes, of course.

 

[dmurray14]

Originally posted by: toy4x4
So how much do I get?

 

[FoBoT]

Originally posted by: iamwiz82

Originally posted by: toy4x4
So how much do I get?

about $.37, minus taxes, of course.

and i have to fill out a form and mail it in, right? :roll:


what is it they did to me for me to deserve this gift ?

 

[CFster]

Good.

I want my $367 back from them.

I never did business with PayPal after that, and I now don't do business with eBay since they joined.

 

[Grey]

9.25 mill minus 3.4 million in lawyer fees = 5.85 million dollars to be spread amongst 6 million users.

You get 96 cents

 

[Mookow]

Originally posted by: Grey
9.25 mill minus 3.4 million in lawyer fees = 5.85 million dollars to be spread amongst 6 million users.

You get 96 cents

Minus the costs to mail the check 😛

 

[PlatinumGold]

Originally posted by: Mookow

Originally posted by: Grey
9.25 mill minus 3.4 million in lawyer fees = 5.85 million dollars to be spread amongst 6 million users.

You get 96 cents

Minus the costs to mail the check 😛

couldn't they just put it in my paypal account?? but then they'd probably charge me a transaction fee. 😉

 

[Mookow]

Originally posted by: PlatinumGold

Originally posted by: Mookow

Originally posted by: Grey
9.25 mill minus 3.4 million in lawyer fees = 5.85 million dollars to be spread amongst 6 million users.

You get 96 cents

Minus the costs to mail the check 😛

couldn't they just put it in my paypal account?? but then they'd probably charge me a transaction fee. 😉

Given an option, I'd take the higher deduction to make them mail it, just so PP doesnt profit from it.

 

[PlatinumGold]

Originally posted by: Mookow

Originally posted by: PlatinumGold

Originally posted by: Mookow

Originally posted by: Grey
9.25 mill minus 3.4 million in lawyer fees = 5.85 million dollars to be spread amongst 6 million users.

You get 96 cents

Minus the costs to mail the check 😛

couldn't they just put it in my paypal account?? but then they'd probably charge me a transaction fee. 😉

Given an option, I'd take the higher deduction to make them mail it, just so PP doesnt profit from it.

obviously, given the option so would I, I was just pointing out the gall of paypal to charge me a transaction fee to pay me back my money.

 

[ViRGE]

So, uh, what is PayPal admitting to doing wrong here?

 

[RagingBITCH]

Oh yes, another lawyers are parasites thread :roll:

 

[aphex]

It's a shame the lawyers get 1/3 of the settlement. But then again, that's lawyers for you. Stupid parasites.

If it werent for lawyers, there wouldnt be a 9.25 million settlement to begin with.

 

[Vic]

My issue with Paypal is that they are an illegal bank.

They claim to just be an online payment service while performing all the functions and services of a bank, yet without regulation, examiner oversight, or FDIC insurance.

What is "wrong" with Paypal is that they are blatantly illegal.

 

[RaiseUp]

Scaming lawyers get all the money, scum.