Account Hold Settlement
- Provides more information about the class action lawsuit entitled Zepeda v. PayPal Inc.
- Class members are defined as anyone who had a PayPal account during the time of April 19, 2006 and Nov. 5, 2015 (and had a hold or reserve placed on the account and/or the account was closed or suspended by PayPal)
Class members in the Account Hold Settlement claim that PayPal improperly handled disputed transactions and improperly placed holds on PayPal Accounts. Class members also contend that PayPal violated the Electronic Fund Transfer Act when they failed to provide customers with monthly account statements and error-resolution notices. PayPal has denied any actions of wrong doing but has agreed to settle in order to avoid a drawn out trail.
The PayPal Account Hold Settlement was preliminarily approved on 11/5/15 and class members are required to file a claim in order to receive a settlement amount (at this time the claim filing deadline is not known). All claims associated with the Account Hold Settlement can be mailed to Zepeda v. PayPal Settlement Administrator, P.O. Box 4259, Portland, OR 97208-4259 or class members can file them on-line at the class administrators website.
PayPal Account Hold Class Action Lawsuit Facts
- The Final Approval Hearing date was not yet set by the court at the time of publication
- PayPal has hired the law firm of STROOCK & STROOCK & LAVAN LLP
- All class members who elect to stay in the lawsuit will be automatically represented by Quantam Legal, Lexington Law Group, and Seeger Weiss
- Class members in the PayPal hold lawsuit can file two (2) types of claims: Basic Claim or an Alternate Claim (more below)
What is the difference between a Basic Claim or an Alternate Claim? The “Basic Claim” amount is predicted to be around $3 to $440 and will be based on the dollar amount of the longest hold or reserve on the class members PayPal account. An Alternate Claim” amount may be up to $2,000 and is based on actual damages. Those who file an alternate claim but are denied will be automatically downgraded to a basic claim.