I just read it for my GF.
Basically if PayPal has done anything unpleasant to you in the reportage of your money transfers (or even if they haven't), you're entitled to lodge a claim (up until October). Depending on the type of claim you lodge, you can get anything between $50 to $500,000. Most of Europe has been excluded from the class action, though.
I'm supposed to be checking up the case number to make sure it's not bogus... the comment at the end "don't call the courts about this!" has me a bit worried, but that's only because I'm not that familiar with the US judicial system.