PayPal Settles 28 State Probes, Federal Suit

Law360, New York (September 29, 2006, 12:00 AM EDT) -- eBay Inc. subsidiary and online payment service PayPal Inc. has agreed to shell out a total of $5.2 million to settle a proposed class action lawsuit and quell investigations by 28 state Attorneys General.

In addition to paying $1.7 million to cover investigation costs for attorneys general across the country, PayPal has entered into an agreement under which PayPal will shorten and streamline its user agreement and provide more information on its protection programs.

"PayPal voluntarily entered into this agreement and has already complied with many...
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