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I am sure every Paypal member has received this e-mail notice from Paypal. If you qualify under the criteria, then Paypal will credit you with $50 if you fill out the short form. Doing so will waive your right to sue them in the future regarding the same legal matters of this class action suit.
 

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Ok I read the pages.............English Please?
 

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lol it was too a bit too much legal jumbo language I don't understand either lol

so are most just going to sign up for the $50 rebate?

Chris
 

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If I understood correctly, those of us who were on the old terms of use (from 99-03 I think it was) if we were involved in a dispute over a transaction, you're then elidgible for part of the settlement...

It's explained very poorly - so I'm not 100% - maybe someone law oriented can confirm...

Andy
 

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You mean to tell me No lawyers have planted tanks?!
 

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I'm glad I'm not the only one who was having trouble comprehending that e-mail when I got it... LOL!

We just got one from Microsoft too and it looks like if you have office software you've got some money coming. We have 3 computers full... :roll:
 

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OK. First things first.

LEGAL DISCLAIMER: The following is NOT to be taken as legal advice. It is intended solely as an attempt to clarify the contents of the recent PayPal Notice of Pending Settlement related to In re PayPal litigation
Case No. CV-02-01227-JF (PVT)
. Please consult your legal advisor to determine how this notice may pertain to you.

That said :D

If the court approves the settlement (September 24, 2004):

The lawsuit (class action) alleges that PayPal violated a Federal law (Electronic Fund Transfer Act). For example, the lawsuit claims that PayPal did not provide account statements in the manner required by the EFTA.

PayPal has agreed to enter into a settlement of this lawsuit and has offered the arrangement contained in the email you got. The lead claimants have agreed to this settlement. To get any damages paid you either need to be a Dispute Resolution Claimant (DRC) or a Statutory Damage Fund Claimant (SDFC).

A DRC is a person who claims that, prior to February 1, 2004, they:

(i) experienced or reported to PayPal an unauthorized or incorrect electronic transfer to or from their PayPal account including, without limitation, electronic transfers initiated by (a) the Fund Claimant; (b) PayPal in connection with, among other things, chargebacks, refunds, buyer complaints, PayPal's Seller Protection Policy, Buyer Complaint Process and/or Buyer Protection Policy; or (c) any third party;

(ii) had access to their PayPal account improperly, incorrectly or erroneously limited or restricted, in whole or in part;

(iii) made a request for information in connection with PayPal's restriction or limitation of the Fund Claimant's PayPal account or regarding an incorrect or unauthorized electronic transfer to which PayPal did not respond at all or did not respond to the Fund Claimant's satisfaction.

A SRFC is one who doesn't meet the definition of a DRC but still feels PayPal damaged them by violating the EFTA in some way.

If you are a DRC, you have two options to get compensated:

1) Short Form: Fill out the short form and send it in by October 23, 2004. If accepted by the claim administrator, you will get $50 deposited into your PayPal account unless the short form claims exceed approx. $2.15 million. In that case you'll get a lesser amount.

2) Long Form: Fill out the long form and explain your damages and send it in by October 23, 2004. If accepted, you will get paid that amount.

If you are a SRFC, $1 million is set aside to pay you. However, you need to provide a statement disclosing your damages by October 23, 2004.

So there you have it. Simple enough. We may all be entitled to a little bit of money.

Oh, an to the extent you choose to join in the settlement, you give up your rights to sue PayPal for the alleged violations of the EFTA that are the subject of this litigation. Of course, you can bring suit against PayPal for these violations by opting-out of this class action proceeding. You need to notify the Co-Lead Counsel on the case.

Regards,

Art (wishing he was on the attorney team who won this settlement and then he'd be wonder how he would spend his piece of the $3,332,500 legal fees)
 

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So if I was a paypal member (during the timeframe stated) I am entitled to file? Even if they did nothing wrong to me? (to my knowledge.)
 

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Ah, finally clarification...


And, damn... never personally had any problems or claims with Paypal, so guess I'm out a free $50 :( :p
 

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I had a beef with them a few years ago when they denied me access to my own account, virtually shutting down my sales for two weeks. I can't even remember what the justification was, but I was so ticked off that it gave me the push I needed to to get my own merchant account to take credit cards myself. Now if there was a big class action suit against VISA and Mastercard, and my merchant provider, I would be in heaven! I hate big corporate banks with a passion, and that is basicaly what Paypal became. Being bought by Ebay only made it worse. Banks and their subsidiary insurance companies are minions from Hell!
 
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