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Paypal Class Action Lawsuit. Claims up to $2500 if affected!

wandering_soul 795 610 January 13, 2016 at 05:55 PM in Financial Tools & Services (6) More PayPal.com Deals
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Last Edited by Shorted January 13, 2016 at 06:38 PM
Just received notice of this. Posting this here since this probably impacts a lot of Slickdealers!

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


https://www.accountholdsettlement.com/

Here is the source of the ruling for this case: https://cases.justia.com/federal/...1446799865
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Community Wiki

Last Edited by diveborg January 16, 2016 at 11:15 AM
From the FAQ-

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:
Length of Hold/Reserve Hold/Reserve under $1,000 Hold/Reserve $1,000 to $10,000 Hold/Reserve over $10,000
1-30 days $3.00 $3.00 $36.00
31-90 days $3.00 $5.00 $150.00
91-150 days $3.00 $10.00 $100.00
Over 150 days $14.00 $25.00 $440.00

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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323 Comments

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#3
If the entire 2+ million was available for payments that would still only pay 1k people at $2500. People will get a check for a few dollars if that. Class action lawsuits are a joke.
Reply Helpful Comment? 32 4
Joined Oct 2008
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#4
Quote from GorillaPudding13 View Post :
If the entire 2+ million was available for payments that would still only pay 1k people at $2500. People will get a check for a few dollars if that. Class action lawsuits are a joke.
Wanna cookie?
Reply Helpful Comment? 5 62
#5
Yeah this isn't going to be a very good pay out for those affected. And the ones that were affected got it real rough. Oh man, where's my annual error-resolution notice???? Let me sue paypal!
Reply Helpful Comment? 3 1
Joined Jan 2008
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#6
Only a $2 million payout fund? That's a joke
Reply Helpful Comment? 6 0
#7
F* paypal the froze my account with $3,500 for 3 months
Reply Helpful Comment? 10 0
#8
about time they resolved this
Reply Helpful Comment? 3 0
Joined Jan 2005
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#9
2 million fund? You can forget about it. Lol
You have better luck getting a higher pay for playing farking powerball.
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#10
Anybody know what the subject of an email might be for suspension? I looked but only found an email dated 2005... sigh :/
Reply Helpful Comment? 0 0
#11
Does this include that go-pro fiasco when they held everyone's funds for weeks?
Reply Helpful Comment? 0 0
#12
PP has >170 million accounts so you have to figure that anyone affected will be getting pennies on the dollar for this.

Expect a check for $4.56 which will at least buy some McChickens.
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#13
Only a $2 million payout fund?
Reply Helpful Comment? 0 0
#14
I hate paypal. Never attached any of my bank accounts to it. Only attached my CC. Since many marchents accepts PayPal without giving all details, I maintain it to use randomly. Any dispute(especially those china based cheating listings on ebay) results in the seller side. Was cheated Many times.. I wish PayPal gets Bankrupt very soon.
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#15
Quote from GeeDoes View Post :
Anybody know what the subject of an email might be for suspension? I looked but only found an email dated 2005... sigh :/
You can search your full paypal history and download PDFs of it in 2 year increments. I had entries for "Temporary Hold Placed" and dollar amounts.
Reply Helpful Comment? 5 0
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