You might be entitled to earn a portion of a $425 million settlement from Capital One if you kept an account with Capital One 360 Savings between September 18, 2019, and June 16, 2025.
Earlier this year, the US District Court for the Eastern District of Virginia heard a lawsuit brought by the Consumer Financial Protection Bureau against Capital One regarding its savings accounts.
The lawsuit claims that Capital One deceitfully marketed the 360 Savings account, failed to raise interest rates on the 360 Savings account in line with rates paid on the 360 Performance Savings account, and failed to disclose to 360 Savings accountholders that the 360 Savings account was no longer Capital One’s high-yield online savings account. It also claims that Capital One defrauded 360 Savings accountholders of over $2 billion in lost interest payments as a result of the 360 Performance Savings account’s existence.
How much can eligible parties receive?
According to the complaint webpage, claimants may choose to accept a monetary payout of up to $5 via cheque or electronic means as part of the settlement conditions.
The page further states that you will only be able to receive your Class Cash Payment if you choose to have it sent to you electronically if it is less than $5.
You will receive a Class Cash Payment that is presently anticipated to be around 15% greater than what you would receive if your 360 Savings account remained open, or if you decide to end it on or before October 2 (the End Date).
According to the filing, you will not receive this bigger Class Cash Payment if you haven’t terminated your 360 Savings account by the End Date, although you will still be able to do so after the End Date.
As an alternative, you will get future Additional Interest Payments in addition to a lesser Class Cash Payment.
If a 360 Savings account has been changed to a 360 Performance Savings account by the End Date, it will be deemed closed for the purposes of determining Class Cash Payments.
The claimant has until October 2 to submit a letter to the court objecting to the settlement.
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When will they receive payment?
According to the webpage, the court will convene a hearing on November 6 (the final approval hearing) to determine whether to approve the settlement.
The website will be updated with information on the settlement and the expected dates of payment.
