dailyloe.com – A judge has approved a $425 million settlement in a class action lawsuit against Capital One. This settlement will benefit eligible Capital One customers who held specific savings accounts. The lawsuit focused on interest rates paid to customers of the 360 Savings Account compared to the 360 Performance Savings Account.
The class action was initiated by account holders who claimed that Capital One consistently paid higher returns on the 360 Performance Savings Account, which was introduced in 2019. They alleged that the bank did not disclose that the original 360 Savings Account was no longer its high-yield option, leading to confusion among customers.
Eligible account holders include those who maintained a Capital One 360 Savings account from September 18, 2019, to June 16, 2025. Joint and co-holders are included, but cash payments will only go to primary account holders.
If you are eligible, you are automatically part of the settlement. There is an option to opt out, but a written request must have been submitted by March 30, 2026.
To file for the settlement, no action is required if you meet the eligibility criteria and did not exclude yourself. Payments will be issued by check or electronically around July 21, 2026. To receive an electronic payment, you needed to opt in by March 30, 2026; otherwise, payment will be mailed.
Payments will not be issued for amounts less than $5 unless the recipient opted into electronic payments before the deadline. The payment amount will depend on the specific details of the 360 Savings account held by each eligible customer.
