Paypal Class-Action suit

[Michael]

I just got an email about this:

https://www.paypal.com/settlement/

Sue... you may get to get something back on that dispute you had on Paypal a while back!

[String]

I got this too. Not too sure if this is a lugit e-mail or not. There are various fake e-mails going around but most ask you to sign in...this one doesn't.

[Michael]

The link is directly to Paypal's site, which forwards you to another page. I don't see anything that would lead me to smell a rat. And I know what rats smell like... REALLY STINKY.

[gman]

This is definitely a legit email. There are plenty of news stories from CNN and other places pertaining the initial filing of lawsuits against paypal a few years ago. There are also stories pertaining the email which we are all receiving. As I understand it, you are only entitled to get something if you have had a legitimate complaint with paypal. If you file the long form, that is to try and make a claim for a specific amount. The pay out for the short form is set at $50. However, there is a preset total amount that paypal has agreed to pay out for the short from claim. According to what I read, if the number of short form claims exceeds the number of people needed to pay everyone $50 and give out all the money, then the total money will be divided by the number of claims and that is what every one will get. One news report estimated a payout of 35 cents per person. The only way to find out for sure what you'll get is to file a claim and see.
I've personally never had a problem with their service. My own personal rule is that I don't keep any bank or CC information attached to my account profile. I add it when I need to make a transaction, then I remove it when the transaction is complete.