Did everyone get the email notifiction from paypal over the past couple days? I figured some might have just glossed over the email, or ignored it completely. But since Paypal is so frequently used on the B/S/T forums here and for Ebay transactions, I figured I would post notice since this policy change could be significant.
The email reads:
Quote:
PayPal recently posted a new Policy Update which includes changes to the PayPal User Agreement. The update to the User Agreement is effective November 1, 2012 and contains several changes, including changes that affect how claims you and PayPal have against each other are resolved. You will, with limited exception, be required to submit claims you have against PayPal to binding and final arbitration, unless you opt out of the Agreement to Arbitrate (Section 14.3) by December 1, 2012. Unless you opt out: (1) you will only be permitted to pursue claims against PayPal on an individual basis, not as a plaintiff or class member in any class or representative action or proceeding and (2) you will only be permitted to seek relief (including monetary, injunctive, and declaratory relief) on an individual basis.
You can view this Policy Update by logging in to your PayPal account. To log in to your account, go to https://www.paypal.com and enter your member log in information. Once you are logged in, look at the Notifications section on the top right side of the page for the latest Policy Updates. We encourage you to review the Policy Update to familiarize yourself with all of the changes that have been made.
If you need help logging in, go to our Help Center by clicking the Help link located in the upper right-hand corner of any PayPal page.
Sincerely,
PayPal
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Unless you opt out of this policy change, you will no longer have the right to be part of, or a member of, a class action lawsuit against Paypal for any reason, instead you must go through an arbitration process for these types of complaints. Your only other recourse would be to file suit as an individual. This is something you should strongly consider if you're an active and frequent Paypal user.
To opt out of the Agreement to Arbitrate, you must mail an Opt-Out Notice to:
PayPal, Inc.
Attn: Litigation Department
2211 North First Street
San Jose, CA 95131
Please note: Your Opt-Out Notice must be postmarked no later than December 1, 2012. The Opt-Out Notice must state that you do not agree to the Agreement to Arbitrate and must include your name, address, phone number, and the email address(es) used to log in to the PayPal account(s) to which the opt-out applies. You must also sign the Opt-Out Notice for it to be effective.