Online sellers who filed class action lawsuits against PayPal over the company’s practice of holding funds for lengthy periods have reached a tentative agreement to settle following successful mediation’s.
The parties in Fernando v. PayPal and Zepeda v. PayPal are currently in the process of finalizing a written settlement agreement and exhibits, including proposed notice to the settlement class. A hearing on preliminary approval is set for June 12, 2012, with the motion for preliminary approval to be filed by May 8, 2012.
While terms of the settlement are as yet undisclosed, the litigation has not stopped PayPal from expanding its holds policy. PayPal sent an email last week sharing its plans to update its “Funds Availability program” to add additional circumstances in which it could hold seller funds, including “Sellers who sell an item that has a sales price that is significantly higher than the average sales price of items previously sold by that seller.” Read the rest of this article on AuctionBytes.com.
Doc finds it interesting that AB didn’t publish their article as a blog post so folks could comment on it. Wonder why?
Former eBay Motors PowerSeller and retired licensed Florida used car dealer with over 40 years experience in the business blogs about eBay. He shares helpful advice for motor vehicle buyers and sellers. Have questions or need help? Ask Doc!