Update on Paypal Settlement

DeutscherGeist

As many of you know, there is a class action lawsuit against Paypal. Filing date was October 2004 to preserve rights to settlements. No one has received settlements yet for the short form or the long form, so be patient. However, beware of the new email scam going around that asks for your bank information in order to credit you with the settlement amount. No settlements are being paid out at this time. Here is the official word:

You have reached the website of the Claims Administrator for the Class Action Settlement in the In re PayPal Litigation, Case No. 02 1227 JF PVT, pending in the United States District Court for the Northern District of California in San Jose. On July 12, 2004 the Court preliminarily approved the proposed Settlement and directed that class members be given notice of the Settlement.

In accordance with the Notice and the Court's orders, the claims period for the In re PayPal Litigation Settlement ended on October 23, 2004 at midnight. At this time, the claims period IS CLOSED. The judgment in this Settlement is not yet final and the Claims Administrator is evaluating all valid claims submitted in accordance with the Plan of Allocation as approved by the Court. Therefore, settlement payments have not yet gone out.

Class Counsel anticipate that it will take at least two months from final court approval of the settlement before the distribution of the statutory settlement fund or short-form claim fund. Class Counsel anticipate that it will take at least six months from final court approval before distribution of the long-form claim fund. Final approval requires the resolution of any appeals. At this time, distribution of the settlement funds will be delayed because four class members appealed the District Court's Final Approval Order of the settlement and award of attorneys' fees.

You can still get more information about the Settlement by reading the Notice of Pendency, the Settlement Agreement and the Injunctive Relief Provision which are available through the navigation bar on the left side of this page.

5thScaleRacer

thanks, good to know

Justin

What Class Action Settlement? Did I miss a free pay day?

DeutscherGeist

Justin, I guess you did miss out. The deadline to submit forms was back in Oct of 2004 in order to be part of the class action lawsuit and receive a portion of the settlement. As of now in is still pending. Check out the website www.nopaypal.com for more information.

DeutscherGeist

ttt

WinPitcher

Only Lawyers make out in class action suits. If you get 65 cents you will be lucky.

WinPitcher

Class actions are, in reality, normally structured to benefit three parties. These parties are 1) the attornies--on both sides; 2) the court; and 3) sometimes the original class(proponents).

5thScaleRacer

<< <i>Only Lawyers make out in class action suits. If you get 65 cents you will be lucky. >>



$50 minimum on this one

5thScaleRacer

<< <i>Class actions are, in reality, normally structured to benefit three parties. These parties are 1) the attornies--on both sides; 2) the court; and 3) sometimes the original class(proponents).


>>




Well I got over $7,000 once in a class action suit....i think there were over 100 plaintiffs. And that's reality.

DeutscherGeist

Yes, the lawyers do get away with a lot of money with these class action law suits. I would not be surprised if a lot of the cases were self serving and not really concerned about the people.

This case does pay out a minimum of $50, so that is why I personally joined. One could get more, but one would have had to fill out a longer form with more detail. I did not lose much as a Paypal customer, so the minimum is fair for me.

The class action against Blockbuster brought in one free movie rental per customer (the case was about their late fee policy). They have done away with late fees now in order to compete better.

Sure some class actions only offer peanuts, but if one plays their cards right and has good evidence, more can be won.