Capital One $425 million settlement approved—Who qualifies and how to claim money
The News International
Capital One has approved a $425 million settlement to resolve a class-action lawsuit over its 360 Savings accounts.Summary
Capital One has reached a $425 million settlement to resolve a class-action lawsuit concerning its "360 Savings" accounts. The lawsuit alleged that the bank defrauded customers by failing to properly migrate them to the higher-yielding "360 Performance Savings" account, resulting in lost interest payments. Judge David Novak finalized the settlement after rejecting the bank's initial $300 million offer. Under the revised deal, millions of current and former account holders are eligible for restitution, and the bank must maintain both account types for at least two years. Payments will be mailed to eligible customers' last known addresses, with no need to file a claim form.
(Source：The News International)