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Thank you for contacting PayPal. We appreciate the time you have taken to
inquire about the preliminary settlement for the PayPal class action lawsuit. Please allow us to offer further information.
On June 11th, 2004, PayPal entered into a settlement agreement with a proposed class of PayPal customers that is being represented by Girard Gibbs & De Bartolomeo LLP and Wolf Popper LLP. Those firms filed a lawsuit in 2002 on behalf of a class alleging that PayPal did not appropriately communicate about customer transactions and did not appropriately process limits that were placed on some customer accounts. In this agreement, PayPal does not acknowledge that any of the allegations in the case are true and entered into the settlement agreement to avoid further costs of litigation, and to devote resources to more productive areas of our business.
Most PayPal customers who opened an account between October 1, 1999 and
January 31, 2004 are eligible to participate in the settlement. PayPal will be sending a notice via email advising eligible customers how to participate in the class action settlement. This email will be sent in the July/August timeframe. The email notification will more fully explain the lawsuit, your legal rights under the settlement, what benefits may be available to you under the settlement, and how to get them.
If you opened a PayPal account between October 1, 1999 and January 31, 2004, you are a member of the class unless you fit into one of the following exclusions. Excluded from the class are: any judicial officer to whom the lawsuit is assigned; any current or former employee, officer, or director of PayPal; anyone who resides in Austria, Belgium, Denmark, Germany, Greece, Finland, France, Ireland, Italy, Luxembourg, Portugal, Spain, Sweden, The Netherlands, or United Kingdom; and all persons who timely and validly request exclusion from the class.
Please understand that PayPal's employees and subsidiaries cannot provide information or legal advice in relation to the class action lawsuit and proposed settlement.
Please watch for further updates regarding the preliminary settlement. Thank you for contacting PayPal.
Sincerely,
The PayPal Team
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