A Venmo lawsuit, which was filed in January by a New York law firm, has gained a lot of media coverage recently. The suit is challenging the definition of a prepaid debit card and, thus, the lawsuit, revolves around two separate issues: whether or not it is fraud, and, if so, under what circumstances can one be brought to court. Essentially, both parties agree that there are some gray areas within this particular area. The plaintiff’s attorney states that, under New York law, an account holder cannot use a prepaid debit card to defraud another individual. So, what does this mean for a plaintiff who has not been able to distinguish between a debit card and an ATM card?
Basically, when you take money out of your bank account, you are essentially giving permission for that money to be used, anywhere in the world, for any reason at all. Banks can define “receiving” differently however. They can say that you are giving permission to others to use your money in any way they see fit. This may include over the phone or online, or in any way that they deem appropriate. In other words, banks do not have to abide by the terms of the law, but they can still sue people who take money from them without just cause.
Therefore, a plaintiff must determine whether or not he or she has been defrauded. If you take cash from your bank account without just cause, you are guilty of defrauding the bank. However, you are not necessarily guilty of fraud itself. You may have fallen victim of fraud indirectly-you might have given someone else your debit card information when filling out forms, or even allowing somebody else to use your credit card. These things do not constitute fraud, but are certainly considered in the financial realm as financial misuse. In these situations, you will likely incur no monetary damages, but you can be brought to court for civil wrongs-for example, invasion of privacy, defamation of character, etc.
The same is true if you falsely give somebody else your debit card information and they later use it for personal gain. Again, you will not incur any monetary damages, but you could be brought to court for this fraud. In some cases, you may never recover any funds. Venmo lawsuit loans are available to plaintiffs who are facing financial hardships.
As previously mentioned, a plaintiff should consult an attorney before accepting any sort of cash advance. This is especially important if you are considering obtaining a lawsuit loan from an unsecured lender. An attorney can review the lending agreement and determine whether or not you are being defrauded, and if so, whether or not the lending company will be responsible for damages.
A plaintiff seeking lawsuit loans can benefit greatly from speaking to an attorney. The right lawyer can tell a plaintiff whether or not there are any discrepancies between the lawsuit claim and the terms of the lending contract. This type of loan can allow people to pay off bills faster and avoid facing legal issues that can have a negative impact on their credit report. If you are seeking lawsuit loans, speak with an attorney today.
