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"Overview

A settlement has been given preliminary approval in a class-action lawsuit against eBay Inc. and PayPal, Inc. (collectively, “Defendants”). If you are a member of the Class, you may complete a Claim Form to receive a benefit, or you can exclude yourself from the settlement, or object to it.

The Settlement will resolve a lawsuit against Defendants involving claims arising out of representations in the PayPal User Agreement regarding PayPal’s policies and practices for responding to refund requests from those customers who pay for transactions through PayPal using funds from funding sources other than credit cards. The Defendants deny that they did anything wrong. The Court did not decide which side was right, but both sides agreed to the settlement.

Benefits to the Class

You may be a Class Member and could get a benefit if you are a U.S. based PayPal account holder who funded a PayPal transaction on or after February 1, 2004, using a source other than a credit car and who: (i) subsequently requested a reversal of the transaction through PayPal’s prevailing Buyer Complaint Policy and/or Buyer Protection Policy; (ii) did not receive a refund equal to 100% of your transaction payment in response to such request from PayPal or your bank; and (iii) through the timely submission of a Claim Form under oath, attest to a reasonable and good faith belief that you would have received a full reversal of such payment had you used a valid credit card in your possession at the time of the subject transaction to fund the payment and filed a timely chargeback request with your credit card issuing bank. The Settlement provides, among other things, that certain persons who funded transactions through PayPal on or after February 1, 2004 using a source other than a credit card, may be entitled to receive a share of three million five hundred thousand dollars ($3,500,000), which will be paid into a Settlement Fund by PayPal.

Participating in the Settlement

To make a valid claim, you must: (1) print and fill out the Claim Form and return it by mail to the address provided on the Claim Form; and (2) print the Certification page of your Claim Form, sign it, and return it by mail to the address provided on the Claim Form.

Your Claim Form and signed Certification page must be mailed to the address provided on the Claim Form, and must be POSTMARKED on or before December 14, 2008.

Exclusions and Objections

If you do not want to be legally bound by the settlement, you must exclude yourself by October 31, 2008, or you will not be able to sue, or continue to sue, the Defendants about the claims in this case. If you exclude yourself, you cannot receive a benefit from the settlement. If you stay in the settlement, you may object to it by October 31, 2008. The detailed Long-Form Notice explains how to exclude yourself and object.

Fairness Hearing

The Court will hold a hearing on November 17, 2008 at 10:00 a.m., before the Honorable I. Leo Glasser, Senior United States District Court Judge for the Eastern District of New York, Courtroom 8B South, 225 Cadman Plaza East, Brooklyn, New York 11201.

The purpose of the hearing will be to determine: (a) whether the proposed Amended Settlement should be approved as fair, reasonable and adequate; (b) whether the Class should be certified for purposes of the Amended Settlement; (c) whether Class Counsel’s Fee Application should be granted and in what amount; and (d) whether the lawsuit and Class Members’ claims should be dismissed with prejudice pursuant to the Amended Settlement."

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