A federal judge has approved a $425 million settlement in a class-action lawsuit against Capital One, resolving allegations that the bank failed to inform existing 360 Savings account holders about a new account offering a higher interest rate.
Details of the Settlement
Judge David Novak of the Eastern District of Virginia finalized the settlement, which was revised upward from an initial proposal of less than $300 million. Capital One has denied any wrongdoing, and the court has not determined that the bank acted improperly.
Who Is Eligible?
Customers who held a 360 Savings account between September 18, 2019, and June 16, 2025, are automatically eligible for a payment of $5 or more. Payments will be sent to their last known address.
The lawsuit alleged that Capital One acted deceptively by not informing existing account holders about the 360 Performance Savings account, which offered a higher interest rate. While there was an option to receive an electronic payment, that window closed on March 30.
Eligible customers do not need to take any action to receive their payment. The settlement aims to compensate affected customers without requiring them to file a claim.
