Capital One Must Pay Out $425 Million in Class-Action Settlement. Here’s Who’s Eligible
Capital One must pay $425 million to customers who held 360 Savings accounts between 2019 and 2025 due to a class-action lawsuit.Summary
A $425 million class-action settlement has been approved for Capital One customers who held 360 Savings accounts between September 18, 2019, and June 16, 2025. The lawsuit alleged that Capital One failed to raise interest rates on the older 360 Savings accounts to match the higher rates offered on its newer 360 Performance Savings accounts after the latter launched in 2019. At one point, the APY on the Performance Savings accounts was 4.3%, while the APY on the Savings accounts was only 0.3%. The settlement was renegotiated after an initial agreement was rejected by a judge for not adequately compensating account holders. Eligible customers are not required to file a claim but must choose a payment method by March 30. Payments will be issued to the primary account holder and vary based on the interest that would have been earned if the funds were in a Performance Savings account. If no appeal is filed, payments are expected to be issued on or around July 21.
(Source：Sacramento Bee)