Norfolk County Retirement System v. PayPal Holdings, Inc. - Securities Class Action
Summary
Norfolk County Retirement System filed a securities class action complaint in the Northern District of California against PayPal Holdings, Inc. and four named executives (James Alexander Chriss, Frank Keller, Jamie S. Miller, Diego Scotti). The complaint was filed under the Class Action Private Securities Litigation Reform Act. No case summary is publicly available, and no monetary damages or specific violations are detailed in the docket entry.
What changed
Norfolk County Retirement System, acting as lead plaintiff, filed a securities class action complaint in N.D. California Case No. 5:26-cv-02849 against PayPal Holdings, Inc. and individual defendants James Alexander Chriss, Frank Keller, Jamie S. Miller, and Diego Scotti. The complaint, filed April 2, 2026, is captioned under the Private Securities Litigation Reform Act (PSLRA) and carries a $405 filing fee. Corporate entity PayPal Holdings, Inc. is the primary corporate defendant.
PayPal and its officers named in this suit should anticipate discovery obligations and motions practice. Securities class actions under the PSLRA are subject to heightened pleading standards and an automatic discovery stay. Other public companies with similar disclosure practices should review internal controls and public statements for potential exposure.
What to do next
- Monitor docket for responsive pleadings and potential motions to dismiss
- Evaluate insurance coverage for securities litigation under D&O policies
Source document (simplified)
Norfolk County Retirement System v. PayPal Holdings, Inc. et al
Case Number: 5:26-cv-02849 Location: San Jose Case Type: Civil Case Basis: Federal Question Nature of Suit: Securities/Commodities Date Filed:
April 2, 2026
Last Filing Date:
April 2, 2026
View Publicly Available Documents Case Summary No summary of this case is available
Recent Filings
| Date Filed | Docket Number | Document Description |
| --- | --- | --- |
| 04-02-26 | 1 | COMPLAINT against James Alexander Chriss, Frank Keller, Jamie S. Miller, PayPal Holdings, Inc., Diego Scotti ( Filing fee $ 405, receipt number ACANDC-21825553.). Case filed under the Class Action Private Securities Litigation Reform Ac |
| 04-02-26 | 2 | Proposed Summons. (Uslaner, Jonathan) |
| 04-02-26 | 3 | Rule 7.1 Disclosures by Norfolk County Retirement System (Uslaner, Jonathan) |
| 04-02-26 | 4 | CERTIFICATE of Counsel of Jonathan D. Uslaner by Jonathan D. Uslaner on behalf of Norfolk County Retirement System (Uslaner, Jonathan) |
| 04-02-26 | 5 | CERTIFICATE of Counsel of Francis P. McConville by Jonathan D. Uslaner on behalf of Norfolk County Retirement System (Uslaner, Jonathan) |
| 04-02-26 | 6 | CERTIFICATE of Counsel of Connor C. Boehme by Jonathan D. Uslaner on behalf of Norfolk County Retirement System (Uslaner, Jonathan) |
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