Here is a little gem about PaySystems

QX Telecom L.L.C. (Telecom) from NYC, NY is sueing PaySystems for $12,162,637.24.

Yes. That is 12 millions!

It's been submitted on the 15th of September 2004.

Great news, and well done for finding this out.All of the PS Refugees out there who are filing complaints against Paysystems with the BBB online Complaints procedure ,New York office/section, please put this information in while writing up your complaint - in the last section of the online form they allow you a good shot at saying things in your own words,so do include the above,this will make the look twice then.

How do they owe $12million dollars??

Don't ask me! Ask QX Telecom!!

Perhaps they processed all their money through them!! LOL

Seriously though Paysystems (so we are told) was one of the giants in the processing World at one time! The bigger they are the harder they fall! Trouble is we have all gone with them:bawling:

How do you know that?

and WOW thats a lot of money!!

The action file number is 500-17-015224-036 and it is filed at the Superior Court.

QX is sueing PS. That's one thing. It doesn't mean that they'll win. And on the other hand, QX Telecom is one giant rip-off company that used to process with PS anf they filed for bankrupcy a while ago.

Oh Lord please protect my meager $6,788 as the big boys fight it out. (whimper)

The two lawyers I have been chating with are not olding out much hope....

James

Probably some Liquidators trying their luck

Thats alot!

Where did you hear about this info and what court was it filed in. More info please!!

Thanks
James

I haven't seen the court docket on this, of course, so this is conjecture on my part - but one possibility is that they are claiming some kind of fraud and trying to go after "treble damages" - i.e. 3X the actual damages.

This is a tactic used in many lawsuits and it can inflate the total pursued judgement far beyond that of the actual direct damages itself.

Originally posted by james26
Where did you hear about this info and what court was it filed in. More info please!!

Thanks
James

Quebec's Superior Court and you all can check it out (if you red french) at:

http://www.jugements.qc.ca/php/decision.php?liste=4650978&doc=400740445A531F05

Damned URLs.

Here we go again:

http://www.jugements.qc.ca/php/decision.php?
liste=4650978&doc=400740445A531F05

This jugement seems to be just to agree on the amount of deposit QX Telecom will have to cough up to proceed with the lawsuit:-

[ 13 ] Remain to determine the amount of the guarantee for expenses. L'article 152 C.p.c. grants to the court a certain discretion at the time of the determination of the amount of the guarantee for expenses. In l'exercice of its discretion, the court must hold account of the following elements: . the nature and l'importance of the cause; . costs connected to the incidents, the expertises and the interrogations except court; . the d'enquête type; . duration of the lawsuit; . the value of the goods of the applicant in Quebec; [ 14 ] In l'espèce, Telecom does not have any good in Quebec, if this n'est its litigious credit, disputed by Paysystems. The legal fees to envisage will be high and the s'annonce cause long and complex. The court thus fixes the guarantee at 120,000$ in addition of the already agreed sum of 10,000$ between the parts. [ 15 ] BY THESE REASONS, THE COURT: [ 16 ] ACCOMODATE the request; [ 17 ] ORDER to the applicant to provide a guarantee for the safety of the expenses of 120,0000 in the 30 days of this judgement, this guarantee having to be provided according to methods' envisaged with the Code of civil procedure and the Civil code of Quebec

The way I se this is that PS is asking QX to put 120K + 10K because QX has nothing in the Province of Quebec and it is just a guarantee.

the lawsuit is really for 12M

Sorry wrong thread

Originally posted by bibi_berlin
The way I se this is that PS is asking QX to put 120K + 10K because QX has nothing in the Province of Quebec and it is just a guarantee.

the lawsuit is really for 12M

Thats right, which brings me to wonder if us smaller creditors would have to do something similar if we brought a small claim, as most of us are also not in the province of Quebec?:confused:

I'm in Quebec, if you need anything.

A personal contact told me that indeed Paysystems is being sued for 12M and they are counter sueing for 1.2M

Makes you wonder if this is just the tip of the Iceberg, and there are far more Big guns involved in this than originally thought.Who knows who else PaySystems were processing for .methinks Wooolworths??!!$%^&*:D

Always in these sort of cases the Big Boys get the main course and the little 'uns have to wait on the scraps.:bawling:

Are people still owed more than their holdbacks?

We got settled $13k and they only have a holdback of $6k now.

After they (PS) kindly told us to disappear, they paid us what was owed on that last week but it was £100GB pounds short, we contacted them about this but nothing came back.This is as well as the outstanding holdback they have of ours.

I dont mind writing off the holdback to be honest. I cant see them lasting long enough to pay those funds out.