dailyloe.com – Capital One has reached a $425 million settlement in a class action lawsuit, approved by a U.S. District Court judge on April 20, 2026. This approval follows the rejection of an earlier settlement agreement in late 2025. The settlement was renegotiated before receiving final approval this week.
The lawsuit claimed that Capital One misled customers regarding interest rates on its savings account options. Specifically, it focused on the 360 Savings and 360 Performance Savings accounts, alleging that they were identical except for the interest rates offered.
According to court filings, Capital One provided 360 Savings accounts from 2013 to 2019, transitioning to 360 Performance Savings accounts thereafter. Although Capital One ceased offering new 360 Savings accounts, it continued servicing existing accounts.
The plaintiffs argued that since 2019, Capital One paid a higher interest rate on 360 Performance Savings accounts compared to 360 Savings accounts. This discrepancy led to allegations of deceptive marketing practices by Capital One, which the company has denied.
Eligibility for the settlement includes anyone who maintained a Capital One 360 Savings account between September 18, 2019, and June 16, 2025. Members of the settlement class will receive individualized payments based on the interest they would have earned if their accounts had received the same rate as 360 Performance Savings accounts.
Details regarding the exact payment amounts for each eligible member will be determined based on individual account circumstances. Capital One’s agreement to settle was made to avoid a trial, despite denying any wrongdoing.
