July 5 (Reuters) - Australian Securities & Investments Commission (ASIC):
- COURT DECLARES PAYPAL AUSTRALIA USED AN UNFAIR CONTRACT TERM
- DECLARATIONS AFFECT SMALL BUSINESSES WHO OPENED A PAYPAL BUSINESS ACCOUNT BETWEEN 21 SEPTEMBER 2021 TO 7 NOVEMBER 2023
- PAYPAL COOPERATED WITH & VOLUNTARILY ASSISTED ASIC DURING INVESTIGATION, COOPERATED IN RESOLVING PROCEEDING - WEBSITE
- FEDERAL COURT OF AUSTRALIA DECLARED TERM USED BY PAYPAL AUSTRALIA PTY IN ITS STANDARD FORM CONTRACTS WITH SMALL BUSINESSES TO BE UNFAIR
- COURT ORDERED PAYPAL BE RESTRAINED FROM APPLYING, RELYING ON, OR ENFORCING, THE TERM IN ITS CONTRACTS WITH SMALL BUSINESSES
- COURT ALSO ORDERED PAYPAL TO PAY ASIC'S LITIGATION COSTS
(([email protected];))
