- September 6, 2023
- Posted by: legaleseblogger
- Category: Related News
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The PayPal logo is seen at an office building in Berlin, Germany, March 5, 2019. REUTERS/Fabrizio Bensch/File Photo/File Photo Acquire Licensing Rights
Australia’s Securities Regulator Takes PayPal’s Local Arm to Court Over Unfair Contract Terms
Sept 7 (Reuters) – Australia’s securities regulator said on Thursday it will take PayPal’s (PYPL.O) local arm to court alleging that the digital payments giant’s standard contracts with small business customers contain an unfair term that could overlook errors in overcharging, burdening its clientele.
The Australian Securities and Investments Commission (ASIC) said it has started proceedings against PayPal Australia Pty Ltd in a case that highlights a contract term that gives PayPal business account holders 60 days to notify discrepancies in fees charged.
“We have been working in full cooperation with ASIC and take this matter very seriously. It would not be appropriate to comment in detail on proceedings before the court, however, we are carefully reviewing the claims,” a PayPal Australia spokesperson told Reuters.
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