In a recent development, the federal court of Australia has ruled that the local unit of PayPal Holdings Inc. (NASDAQ:PYPL) had an unfair term in its contracts with small businesses, leading to instances of overcharging.
What Happened: The Australian Securities & Investments Commission (ASIC) announced that the court deemed PayPal’s term unfair, Reuters reported on Friday. This particular term required customers who failed to report overcharging errors within a 60-day period to accept the charges as accurate.
The court proceedings against PayPal were initiated by ASIC in September of the previous year. ASIC Deputy Chair Sarah Court stated, “Today’s ...