Higher payments to soon go out under new $425M Capital One settlement
NBC 5 Chicago
Capital One customers will soon receive higher payments following a new $425 million settlement regarding deceptive marketing of savings accounts.Summary
A new $425 million settlement has been finalized for Capital One customers affected by a lawsuit alleging the company "deceptively marketed" its 360 Savings account. The suit claims Capital One failed to raise interest rates on the 360 Savings account in proportion to its 360 Performance Savings account, concealing the fact that the former was no longer the bank's high-yield online savings account. Unlike a previous settlement that did not receive court approval, this new agreement provides more money to class members. Payments will be issued on or about July 21, 2026, based on each member's "Individual Recognized Claim" and the additional interest they would have earned had they received the higher rate.
(Source：NBC 5 Chicago)