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PayPal loses class action lawsuit...you might be owed some $$$

Discussion in 'BlackHat Lounge' started by christianbed, Jan 16, 2016.

  1. christianbed

    christianbed Jr. VIP Jr. VIP

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  2. tronski

    tronski Newbie

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    They've been stiffing people for years.. about time!
     
  3. xjokkers

    xjokkers Junior Member

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    Yes I got an email from them. I wanted to check more into it myself.

    NOTICE OF CLASS-ACTION SETTLEMENT.
    [​IMG]
    [​IMG]
    THIS NOTICE MAY AFFECT YOUR RIGHTS. PLEASE READ IT CAREFULLY. A settlement has been reached in a class action in which the plaintiffs allege, among other things, that PayPal improperly handled disputed transactions on PayPal accounts and improperly placed holds and reserves on accounts or closed or suspended accounts. Plaintiffs also allege that PayPal failed to provide annual error-resolution notices and monthly account statements under the Electronic Fund Transfer Act. You are a member of the Settlement Class if you had an active PayPal account between April 19, 2006 and Nov. 5, 2015. Certain Settlement Class Members who had a hold or reserve placed on their account and/or who had their account closed or suspended by PayPal are eligible to receive a monetary payment upon submission of a valid claim form. This notice summarizes the proposed settlement. For the precise terms and conditions of the settlement, please see the Settlement Agreement available at http://www.accountholdsettlement.com/, by accessing the Court docket in this case through the Court's Public Access to Court Electronic Records (PACER) system at https://ecf.cand.uscourts.gov, or by visiting the office of the Clerk of the Court for the United States District Court for the Northern District of California, 1301 Clay Street, Oakland, CA 94612, between 9:00 a.m. and 4:00 p.m., Monday through Friday, excluding Court holidays. PLEASE DO NOT TELEPHONE THE COURT OR THE COURT CLERK'S OFFICE TO INQUIRE ABOUT THIS SETTLEMENT OR THE CLAIM PROCESS.
     
  4. therealgamer420

    therealgamer420 Junior Member

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    So is it safe to assume now that they will be less dick-y? And no, Paypal didn't lose; rather it was only a settlement to avoid further costs for trials that no one knows when it will end.
     
    Last edited: Jan 17, 2016
  5. xjokkers

    xjokkers Junior Member

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    Whats funny about that statement is, that I actually have noticed a bit more leniency from how they have been handling my account the last couple of months. I am usually on the phone with them once a month!
     
  6. asap1

    asap1 BANNED BANNED Jr. VIP

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    I never understood why PayPal holds your money for 6 months then gives it to you.

    Glad they got fucked, I might file a claim. Ill take a free $440.
     
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  7. nanavlad

    nanavlad Jr. VIP Jr. VIP

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  8. Finn

    Finn Jr. VIP Jr. VIP

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    Well for sure they also do their tricks and stuff you know ... But on the end of the day it is still a very good and nice system to earn and transfer cash. I mean if we would lead big company like PayPal you think we would work only in all honesty with everyone who is using the system? I´m not really sure about that.

    In my opinion they might have negative aspects but on the other side there are also lots of positive aspects using PayPal.

    At least for me it was always cool and a pleasure to work with them. But I do understand that people were also getting fucked.
     
    Last edited: Jan 18, 2016
  9. HostStage

    HostStage Jr. VIP Jr. VIP

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    That's a worry vanished for me.
    I read so much horror stories that it was an actual concern to loose the business account overnight over some fake orders.
    I also thought it was a bit shady way to handle it.
    Hopefully they will turn a bit more like 2checkout with their individual transaction fraud checking process.
     
  10. pressrelease

    pressrelease Power Member

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    Good,but pp is always stinky but it has grown so large that its difficult to avoid it.escrow is gaining momentum but fees are very high.
     
  11. lelou00

    lelou00 Power Member

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    Is it only for US resident or applicable for all? One of my PP account was limited, and cannot be solved even after submitting requested documents. The needs to wait for 180 days to claim the money inside is totally BS..!
     
  12. Prankster

    Prankster Registered Member

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    Does any one know .. how much PP stand to loose ? They are and will always remain bully. They are currently softened up due to negative publicity. I hope someone seriously fucks up their online presence too. Such that they loose google ranks and its alternatives stand to gain most.
    I just want to see them suffer as they made people suffer.

    -pk.
     
  13. Reaver

    Reaver Jr. VIP Jr. VIP

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    My sister was scammed two years ago for $5000 through PP. She presented them proof that she was scammed. They said it was her fault and she owed them $5000. They just sent her a letter in the mail two days ago telling her to pay them that money. She adamantly refuses, as it really was not her fault.

    I wonder if she qualifies. Some compensation would be nice, but are you allowed to open another account again with them? Do you just get the money or do you get a fresh slate too?
     
  14. GreyWolf

    GreyWolf Executive VIP

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    yeah overall I like dealing with paypal as well. Mostly because its just pretty simple and can use just about everywhere. Even a lot of brick and mortar stores accept paypal now.

    The problem though was that paypal pretty much made up its own rules about how to manage their members accounts. The way they originally structured the business let them manage other peoples money while claiming they weren't a financial institution. They used that justification to deal with accounts and transactions in ways that circumvented many regulations about how financial institutions can operate.

    This lawsuit was pretty much about straightening them out about that. A business that effectively operates as a financial organisation can't just make up a new business model to circumvent legislation and regulations.
     
  15. Reaver

    Reaver Jr. VIP Jr. VIP

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    So will they now be classified as a financial institution? Or are they just paying out this money to shut people up?