TORONTO, April 30, 2021 /CNW/ -- A settlement has been approved for two foreign exchange class actions against PayPal. The Ontario Superior Court of Justice and the Quebec Superior Court have approved the proposed settlements announced in December 2020.
The class actions alleged that PayPal CA Limited, PayPal Canada Co., PayPal Inc., and PayPal Holdings Inc. (collectively, "PayPal") charged users more for currency conversions than PayPal was entitled to under PayPal's user agreements between January 2017 and August 2018. The plaintiffs also alleged that PayPal performed currency conversions in relation to certain purchases and withdrawals from PayPal accounts when PayPal was not authorized to do so for certain time periods between 2006 and August 2018.
PayPal denied any liability and denied the truth of the plaintiffs' allegations.
Under the settlement, PayPal will pay a total of $10 million CAD. After payment of approved fees for class counsel, administration expenses, and payment to Ontario's Class Proceedings Fund, the settlement fund is being distributed on a pro rata basis directly into the PayPal accounts of class members meeting certain criteria. In exchange, class members released PayPal from any liability in relation to its currency conversion practices during the class period.
For further information, please visit www.paypalclassactionsettlement.ca or www.actioncollectivereglementpaypal.ca.
SOURCE Paliare Roland Rosenberg Rothstein LLP; IMK s.e.n.c.r.l./LLP
Share this article