Pay Pal to pay out on with held funds
Published November 26th, 2005
The online payment-processing company, a unit of auction giant eBay, sent an email to customers on Thursday outlining the process. People who opened an account with PayPal between 1 October, 1999, and 31 January, 2004, and who experienced certain problems with it are eligible for the payout. Advertisements in People, Newsweek and USAToday will also inform people of the class-action settlement.
In June, PayPal reached a preliminary settlement with customers who accused the eBay unit of illegally freezing their funds. It promised to pay a total of $9.25m to settle the suit, $3.4m of which will go toward paying the customers’ lawyer fees.
PayPal admitted no wrongdoing in settling the claims, which were filed in 2002 as part of two federal class-action suits that alleged other customer service deficiencies.
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