I received an email from PayPpal stating that unless you actively elect otherwise, they are taking away your right as a Paypal account holder to be part of larger class action lawsuits, if and when they come along. The language in their email is as follows: "...be required to submit claims you have against PayPal to binding and final arbitration, unless you opt out of the Agreement to Arbitrate (Section 14.3) by December 1, 2012. Unless you opt out: (1) you will only be permitted to pursue claims against PayPal on an individual basis, not as a plaintiff or class member in any class or representative action or proceeding and (2) you will only be permitted to seek relief (including monetary, injunctive, and declaratory relief) on an individual basis." They do not provide an easy link to opt out in the email.
I've felt all along that PayPal's business practices and fees with respect to how they position this service against other options on Ebay is ripe for a class action lawsuit. Is this just a way to lesson the risk to potential class action suits? Ebay get 43% of earnings from PayPal so they will protect this revenue stream in every way they can. I'd like to hear others views of this new policy change.