Judge approves $425 million Capital One settlement. Here's what to know.
Summary
A judge approved a $425 million settlement in a lawsuit against Capital One. The case involves Capital One offering higher interest rates on a new savings account while paying lower rates on older accounts without clearly informing customers.Key Facts
- The settlement is for Capital One customers who had a 360 Savings account between September 18, 2019, and June 16, 2025.
- Capital One introduced a new account called 360 Performance Savings in 2019 with higher interest rates than the older 360 Savings accounts.
- The lawsuit claims Capital One did not clearly tell customers about the better rates on the newer account.
- Customers do not need to file a claim to get payment from the settlement.
- Payments will be based on how much extra interest each customer would have earned with the higher rate.
- The total settlement money will cover legal and administrative costs before being shared among eligible customers.
- Checks will be mailed to customers unless they chose electronic payment before March 30.
- Payments are expected to be sent around July 21, unless there are legal appeals.
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