Hagens Berman Sobol Shapiro Cases

Bill Me Later

Date Filed: January 4, 2010

Court: United States District Court

Location: Northern California

Ticker Symbol: EBAY

Hagens Berman Sobol Shapiro (HBSS) today filed a class-action lawsuit against Bill Me Later, Inc., an eBay-owned company (NASDAQ: EBAY) offering consumers instant credit for online purchases.

The complaint claims Bill Me Later violates California consumer-protection laws by charging customers inflated interest fees and late penalties. According to the complaint filed in the Northern District Court of California some consumers report that annual interest rate Bill Me Later charges exceed 100 percent per year.

The suit contends that Bill Me Later - which is not a government-regulated financial institution - has entered into a relationship with CIT Bank to create the appearance that the bank is extending credit terms. In fact, Bill Me Later controls the entire transaction.

Under California law, organizations other than state-chartered banks cannot charge interest greater than 10 percent per annum.

Hagens Berman Sobol Shapiro is asking to represent California residents, who believe they have paid excessive fees to use the Bill Me Later option, and may be interested in participating in an action to stop these practices.

Click here to join this case or contact Jeff Friedman at billmelater@hbsslaw.com.