On January 23, 2025, PayPal settled an enforcement action brought by the New York State Department of Financial Services (NY DFS) for failing to comply with cybersecurity regulations required for financial services businesses...more
A new tax rule will see the Internal Revenue Service (IRS) gain information on income small businesses receive via transactions on popular payment applications. As of Jan. 1, 2022, businesses that accept more than $600 per...more
Among other things, 2018 was the year of the shareholder data breach stock-drop lawsuit. As we’ve previously reported, it was the year that shareholders began routinely suing companies after an announcement of a data breach,...more
Privacy is serious business. This was made clear in the Federal Trade Commission’s (FTC) recent announcement that it had settled its complaint against Venmo, PayPal’s peer-to-peer payment service, for misrepresentations to...more
Last month, the Delaware Chancery Court drastically reduced – from $275,000 to $50,000 – a mootness fee award requested by plaintiffs’ counsel in a lawsuit challenging the merger between PayPal and Xoom Corporation, finding...more
In a letter published on June 11, 2015, the Federal Communications Commission's (FCC) Enforcement Bureau expressed "serious concern" about PayPal's use of a website user agreement to obtain prior express written consent to...more
The enactment of the Dodd-Frank Act in 2010 created the Consumer Financial Protection Bureau (“CFPB”) and, among other things, vested it with broad authority to enforce prohibitions on unfair, deceptive and abusive acts and...more