PayPal Holdings, Inc.

PayPal Holdings, Inc.
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Background

PayPal Holdings, Inc. is an American multinational financial technology company operating an online payments system in the majority of countries that support online money transfers, and serves as an electronic alternative to traditional paper methods such as checks and money orders. PayPal operates as a payment processor for online vendors, auction sites and many other commercial users, for which it charges a fee.

Established in 1998 as Confinity,  PayPal went public through an IPO in 2002. It became a wholly owned subsidiary of eBay later that year, valued at $1.5 billion. In 2015, eBay spun off PayPal to eBay's shareholders and PayPal became an independent company again. The company was ranked 134th on the 2021 Fortune 500 of the largest United States corporations by revenue.

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Additional Reading

Three PayPal users who've allegedly had their accounts frozen and funds taken by PayPal without explanation have filed a federal lawsuit against the online payment service. The plaintiffs - two users from California and one from Chicago - are accusing PayPal of unlawfully seizing their personal property and violating racketeering laws. They're now proposing a class action lawsuit on behalf of all other users who've had their accounts frozen before and are seeking restitution, as well as punitive and exemplary damages.

Lena Evans, one of the plaintiffs who'd been a PayPal user for 22 years, said the website seized $26,984 from her account six months after it got frozen without ever telling her why. Evans had been using PayPal to buy and sell clothing on eBay, to exchange money for a poker league she owns and for a non-profit that helps women with various needs.

Fellow plaintiff Roni Shemtov said PayPal seized over $42,000 of her money and never got an acceptable reason for why her account was terminated. She received several different explanations when she contacted PayPal: One customer rep said it was because she used the same IP address and computer as other PayPal users, while another said it was because she sold yoga clothing at 20 to 30 percent lower than retail. Yet another representative allegedly said it was because she used multiple accounts, which she denies.

Shbadan Akylbekov, the third plaintiff, said PayPal seized over $172,000 of his money without giving him any explanation why the account got limited in the first place. Akylbekov used the account of a company his wife owns to sell Hyaluron pens, which are needle-less pens that inject hyaluronic acid into the skin. After the money disappeared from the account following a six-month freeze, PayPal allegedly sent his wife a letter that says she "violated PayPal's User Agreement and PayPal's Acceptable Use Policy by accepting payments for the sale of injectable fillers not approved by the United States Food and Drug Administration (U.S. FDA)." PayPal also said that the money was taken from Akylbekov's account "for its liquidated damages arising from those Acceptable Use Policy violations pursuant to the User Agreement."

PayPal has long angered many a user for limiting accounts and freezing their funds for six months or more. One high-profile case was American poker player Chris Moneymaker, who had $12,000 taken from his account after six months of being limited. Chris Moneymaker was already in the process of asking people to join him in a class action lawsuit before his funds were "mysteriously returned."

Part of the complaint reads:

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