Australian Regulator Initiates Legal Action Against PayPal Over Unfair Contract Terms
Australia's financial regulator, the Australian Securities and Investments Commission (ASIC), has announced its intention to take legal action against PayPal Australia Pty Ltd, alleging that the digital payments giant has included an unfair term in its standard contracts with small business customers. The contentious clause, according to ASIC, could potentially shield PayPal from accountability for errors in overcharging, imposing an unjust burden on its clientele.