IoT
News
News
2/22/2002
08:48 AM
50%
50%

Suit Filed Against PayPal Days After IPO

The lawsuit alleges that the online billing company illegally restricts customers with access to their funds.

A class-action suit was filed against PayPal this week, just days after its initial public offering of stock.

The lawsuit, filed in the California Superior Court in Santa Clara County on behalf of customers by the law firm of Jacoby & Meyers, alleges that the online billing company illegally restricts customers with access to their funds. PayPal halts transactions on accounts if it suspects fraudulent activity, which can delay fund access and outgoing and incoming payments. PayPal raised more than $70 million in its Feb. 14 IPO.

Comment  | 
Print  | 
More Insights
Comments
Newest First  |  Oldest First  |  Threaded View
Register for InformationWeek Newsletters
White Papers
Current Issue
Top IT Trends to Watch in Financial Services
IT pros at banks, investment houses, insurance companies, and other financial services organizations are focused on a range of issues, from peer-to-peer lending to cybersecurity to performance, agility, and compliance. It all matters.
Video
Slideshows
Twitter Feed
InformationWeek Radio
Archived InformationWeek Radio
Join us for a roundup of the top stories on InformationWeek.com for the week of July 17, 2016. We'll be talking with the InformationWeek.com editors and correspondents who brought you the top stories of the week to get the "story behind the story."
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.