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PayPal Settlement

Contributed by mm | July 28, 2004 12:17 PM PST

I had been a PayPal user for a long time. Overall, I normally pay all my eBay transactions using PayPal because I don't want to reveal my credit card numbers to a no-name network identity. To this end, PayPal is a valuable resource for me.

When I discuss PayPal in the past, especially its 1.5% cashback offer for its debit card, I mentioned PayPal is not a regulated financial institution and people reported horrible experience in transactions via PayPal (see PayPalSucks.com).

If you have similar bad experience with PayPal, maybe you can get some money back from a settlement deal PayPal just signed up for in a class action lawsuit. You can read more details about the settlement by following the link www.paypal.com/settlement, which will lead you to the main page of the settlement site operated by the leading law firm.

According to the website, you are a member of the class if you opened a PayPal account between October 1, 1999 and January 31, 2004. The settlement provides $9.25 million for claim thru three categories: statutory claim, "short form" and "long form." The straightforward "short form" asks you to complete a form and send your signature in snail mail no later than November 1, 2004. You will get up to $50, depending on the number of claims.

I don't want to file the claim because PayPal treats me pretty well. But I am pleased because the settlement also forced PayPal to change some of its business practices, which may avoid big headaches for people like me in the future.

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