Payments will soon go out to many Capital One customers after a new, $425 million settlement was finalized this week, with the lawsuit saying the company “deceptively marketed” the potential interest earned off one of its popular savings accounts.
According to suit administrator, a previous settlement related to the case did not earn final approval from the courts, but a new one did. The newly negotiated settlement, the administrator said, provides more money to class members compared to the previous one.
The court approved the new Capital One $425 million settlement Monday. Here’s what to know, and what happens next.
What is the lawsuit about?
The lawsuit alleges that Capital One failed to raise interest rates on its popular 360 Savings account equal or in proportion to rates paid on their 360 Performance Savings account. It said the company deceptively marketed the 360 Savings account, concealing the fact that its 360 Savings was no longer Capital One’s high-yield online savings account.
The suit also alleges it concealed the existence of the 360 Performance Savings account—and its higher interest rate—to 360 Savings account holders.
How to claim money
Anyone eligible to receive money was automatically included in the settlement, the administrator said.
“Unless you exclude yourself from the settlement, you are automatically eligible to receive a check or electronic payment for your Class Cash Payment,” the site said. “There is no need to file a claim.”
How much money could you get?
Payments will be based on a class member’s “Individual Recognized Claim,” which considers several factors, including how long account holders had 360 Savings accounts. It will also be based on the approximate amount of additional interest that would have been earned during the class period, had the account holder received the 360 Performance Savings interest rate.
From there, claims will be pro-rated based off administrative costs and attorneys fees.
When will payments go out?
According to the administrator, payments will be issued on or about July 21, 2026 if there no are no appeals.
If there are appeals, payments will be issued after they are resolved.
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