Some Capital One customers to get payouts after $425 million settlement approval
A judge approved a $425 million settlement for Capital One customers who were misled about savings account interest rates.Summary
A federal judge has approved a revised $425 million class action settlement for Capital One customers who were misled about the differences between its 360 Savings and 360 Performance Savings accounts. The lawsuit alleged that the bank offered significantly different interest rates on the two similarly named accounts without clearly informing customers. The settlement requires Capital One to match interest rates between the accounts going forward and directs the full $425 million toward compensating eligible customers for lost interest. Eligible customers held a 360 Savings account between Sept. 18, 2019, and June 16, 2025, and will receive automatic payments based on their account balances and how long they held the accounts. The total relief package is expected to exceed $1.2 billion when including future interest earnings.
(Source：Wfaa)