Deal DetailsLast Edited by Shorted January 13, 2016 at 06:38 PM
If you are a current or former user of PayPal in the United States who had an active PayPal account between April 19, 2006 and November 5, 2015, this Notice describes your rights and potential benefits from a class action settlement.
The Settlement resolves a lawsuit in which Plaintiffs allege 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 part of the Settlement if you had an active PayPal account between April 19, 2006 and November 5, 2015.
You are part of the Settlement and also may be eligible to submit a Claim for a cash payment if you had a hold or reserve placed on your account and/or your account was closed or suspended by PayPal between April 19, 2006 and November 5, 2015.
At least $2,240,000, less notice and administration costs, is expected to be paid to settlement class members who had holds or reserves placed on their accounts and submit a claim for payment, and up to an additional $800,000 will be used to make payments to settlement class members who had holds or reserves placed on their accounts or whose accounts were closed or suspended who claim damages.
Settlement Class Counsel will ask the Court for up to $960,000 to be paid as fees and expenses for investigating the facts, litigating the case and negotiating the settlement and for service awards of up to $2,500 for each named class representative.
Hold/Reserve < $1000 1-30 days $3, 31-90 days $3, 91-150 days $3, >150 days $14
Hold/Reserve $1000-10000 1-30 days $3, 31-90 days $5, 91-150 days $10, >150 days $25
Hold/Reserve >$10000 1-30 days $36, 31-90 days $150, 91-150 days $100, >150 days $440
Here is the source of the ruling for this case: https://cases.justia.co
Quote :How much will my payment be?
If you are a Claims Class Member and elect to make a Basic Claim, payment will be determined based on the dollar amount of the longest hold or reserve on your account and how many Claims Class Members send in valid Claims. Basic Claim amounts are estimated to range between $3.00 and $440.00, depending on the length and amount of the hold or reserve, based on the following grid:
If you are a Claims Class Member and instead elect to make an Alternate Claim, you may seek a payment based on your actual damages, which will be determined by a neutral third party selected by the Court based upon documentation submitted by you and PayPal. No payment or Alternate Claims will exceed $2,000. If an Alternate Claim is denied by the neutral third party, it will be treated as a Basic Claim.
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