A federal judge has approved a $425 million settlement in a class-action lawsuit against Capital One, concerning the bank's handling of its savings accounts. The legal action alleged that Capital One acted deceptively by failing to inform existing 360 Savings account holders about the introduction of the 360 Performance Savings account, which offered a significantly higher interest rate.
Details of the Settlement
Judge David Novak of the Eastern District of Virginia gave the final nod to the settlement, which was revised upward from an initial proposal of under $300 million. Capital One has denied any wrongdoing throughout the proceedings, and the court has not made any determination that the bank acted improperly.
Eligibility and Payment
Impacted 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. The payments will be sent to their last known address on file. There was an option to receive an electronic payment, but that window closed on March 30.
The settlement aims to compensate account holders who missed out on higher interest earnings. Customers do not need to take any action to receive their payment, as the distribution is automatic.
