PayPal Settles Class Action Lawsuit over Held Funds

[newjerseymax]

This will go to appeals ad be stuck in more courts for years.... Don't hold your breath

[golferman]

Originally Posted by newjerseymax

This will go to appeals ad be stuck in more courts for years.... Don't hold your breath

its a settlement meaning Paypal agreed. it will not go to appeals

[ppthump]

Regulations always favor the businesses. If regulations threaten their profits, they will find loopholes, take the profit elsewhere, or outright ignore them and pay an insignificant fee. If they threaten your profits then you get screwed. Not to mention, many regulations are actually sponsored by the large corporations as it builds barrier to entry for competition.

See: regulatory capture.

Bottom line, if you do honest business, the last thing you want is regulation of PP or ebay. If you do shady and or illegal business, regulation is great (since regulations are what create a market for shady or illegal business in the first place)

[webmillions]

My attorney is one of the best Class Action Lawyers in the Country. He already got me $6500 on a OD fee settlement with a large Bank here in Oklahoma. These were his words of advice in regards to this Class Action Suit against Paypal.

"You'll want to get in on the "alternate claims" part, assuming those facts apply to you - says you can get up to $2K. With a 3.2M settlement for all of Paypal, without getting an "alternate claim," I'd assume you'd be cashing a check for a few dollars. If you want to pursue your individual claim, then you would need to exclude yourself to make sure your rights aren't released."

[thebrigri]

I had over $50k held for 180 days. Even if I go alternate, I'd get $2k max?? WTF? anybody else going different route? (i.e. individual claims?) should I go to separate claims?

[jackdanielsbtch]

Just because you had $50k held for 6 months doesn't mean they will pay you $50k, in fact, you won't even get the $2k.

You have to prove you had damages.

For example, say you had $1,000 held and you needed that $1,000 for expenses and couldn't buy things out right so you had to use a credit card and pay credit card interests. Than those interest charges would count.

But getting an attorney and all that over this pretty much makes it not even worthwhile.

Point of class action lawsuit is the lawyers win big and they weren't affected. Paypal gets off the hook with loosing what is literally pennies for them.

They will continue to do these holds. The interest they get from these holds are literally 10,000 fold this little lawsuit

[thebrigri]

lol, who in the world would ask for $50k in damage?

Still $50k is alot of money. If you're running a business and all of a sudden $50k is held for half a year. You cannot buy inventory which results in severe loss of sales, profits. Those things are hard to prove but I might as well bring it up. I still remember the hard times because of that reserve and how many times I had to literally beg at paypal rep to save my life and it still pisses me off how they treated.

I can easily get $2k.