Successful Dismissal of PayPal Class Action Over Breach Disclosures Serves as Risks Reminder
By EsqSocial Corporation 05/02/21
A class action lawsuit filed against PayPal in connection with a breach it suffered in 2017 was dismissed recently because the plaintiffs did not adequately allege PayPal’s intent to deceive investors. The litigation began after PayPal’s acquired TIO Networks Corporation, a smaller payment processor and platform. Post-acquisition, PayPal announced that it had discovered “security vulnerabilities” in TIO’s operations and it thus suspended TIO’s operations. At that point, TIO had not yet been...
By: Sheppard Mullin Richter & Hampton LLP