Well, that didn't take long at all. Having only announced Google Wallet yesterday, Google is already facing some distaste for the service from the competition, namely -- PayPal. Summed up in what turned out to be a 28 page PDF statement.
PayPal is claiming protection of trade secrets as the reason for the lawsuit, and that Google allegedly lured PayPal executives Osama Bedier and former general manager and vice president of PayPal Merchant Services Stephanie Tilenius away from PayPal.
If what PayPal alleges turns out to be true, then we're guessing this will be a long drawn out case that could have some serious implications for those involved.
Source: PayPal Blog; Thanks, to all who sent this in!