eBay and PayPal Inc Lawsuit

Class Action Settlement Preliminarily Approved

Settlement in eBay and PayPal Class Action Preliminarily Approved

A settlement has been given preliminary approval in a class-action lawsuit against eBay Inc. and PayPal, Inc. (collectively, “Defendants”). The Settlement will resolve a lawsuit against Defendants involving claims arising out of representations in the PayPal User Agreement regarding PayPal’s policies and practices for responding to refund requests from those customers who pay for transactions through PayPal using funds from funding sources other than credit cards. The Defendants deny that they did anything wrong. The Court did not decide which side was right, but both sides agreed to the settlement.

Class members could get a benefit if they are a U.S. based PayPal account holder who funded a PayPal transaction on or after February 1, 2004, using a source other than a credit card and who: (i) subsequently requested a reversal of the transaction through PayPal’s prevailing Buyer Complaint Policy and/or Buyer Protection Policy; (ii) did not receive a refund equal to 100% of your transaction payment in response to such request from PayPal or their bank; and (iii) through the timely submission of a Claim Form under oath, attest to a reasonable and good faith belief that they would have received a full reversal of such payment had they used a valid credit card in your possession at the time of the subject transaction to fund the payment and filed a timely chargeback request with your credit card issuing bank. The Settlement provides, among other things, that certain persons who funded transactions through PayPal on or after February 1, 2004 using a source other than a credit card, may be entitled to receive a share of three million five hundred thousand dollars ($3,500,000), which will be paid into a Settlement Fund by PayPal.

SEPT-03-08: Settlement in eBay and PayPal Class Action Preliminarily Approved [STEELE SETTLEMENT: EBAY PAYPAY SETTLEMENT]

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