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Author Topic: Let the SELLER BEWARE!! An eBay / PAYPAL horror story...  (Read 9249 times)

Mike Chapin

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Re: Let the SELLER BEWARE!! An eBay / PAYPAL horror story...
« Reply #10 on: July 24, 2004, 02:42:19 am »

I have never bought anything on Ebay. I have never sold anything on Ebay. I have never used Paypal. Praise god.
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What if the Hokey Pokey really is what it's all about?

Craig Leerman

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PAYPAL UPDATE
« Reply #11 on: July 30, 2004, 02:30:56 pm »

It seems that Paypal has been sued by some of its members for illegal banking practices. Paypal has insisted that what it did was legal, and that the laws for banking in the state did not apply to their business, BUT has agreed to a SETTLEMENT of over 9 MILLION dollars!

You can read all about it here:  
https://www.paypal.com/settlement

But the funny thing is that I am a part of the class action suit.  Here is the text I received in my letter

"Under the settlement, PayPal will pay $9.25 million into a settlement fund, to be held in an interest-bearing account. The fund will be used (1) to make payments to class members who submit valid claims before the claims deadline; (2) to pay certain costs of giving notice to the Class and of settlement administration, as approved by the Court; and (3) to pay attorneys' fees and expenses to Class Counsel in the amount awarded by the Court."

Now here is an additional line from the letter
"If the Court awards attorneys' fees and costs in the amount requested, Class Counsel estimate that there will be approximately $4.3 million to pay the claims of Dispute Resolution Claimants."

And one more fun line from the notice
"If you make a timely, valid claim using the Short Claim Form, you will receive a payment of $50, unless the amount needed to pay all of the Short Form claims exceeds the Short Form Fund."

So lets do the MATH:

Total Paypal will pay into an interest bearing account to cover claimants is 9.25 MILLION

Total the lawyers estimate will be their fees is 4.95 MILLION

Total I will get if I actually do the paperwork and waste hours of my time claiming an award is $50.00 (that is unless they run out of money)

Once again Paypal and lawyers have screwed me, and I'm not really sure what its all about!  I'll bet that if you do get the 50 bucks its not even in a check mailed to you, but probably credited to your stupid Paypal account!  hehehe

Craig

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I'm so old, when I was doing FOH for Tommy Dorsey, to balance out the horn section I would slide their chairs downstage and upstage to mix!


Dawbr

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Re: PAYPAL UPDATE
« Reply #12 on: July 30, 2004, 10:48:47 pm »

John Edwards and the trial lawyers win again and the consumer gets screwed. This stuff goes on all the time.I was involuntarily involved in one of these and the only way I could get out of it was to write a letter to the court stating I didn't want to be a party to it.These class action lawsuits are one of the  reasons the US can't compete in the world market.In most other countries,class action lawsuits are rare.
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