Capital One, the US-based financial giant, has just been approved by a US court for a settlement which will result in a large payout to its current and past customers.
Capital One has received preliminary approval from a judge to settle the class action lawsuit brought by depositors alleging that they were cheated out of interest payments.
The settlement administrator portal states that people who had Capital One 360 Savings accounts between September 18, 2019 and June 16, 2025 can receive a share of $425 Million settlement.
Capital One was sued by the Consumer Financial Protection Bureau earlier this year. The bureau alleged that Capital One had defrauded customers of over $2 billion dollars in interest payments through misleading statements.
Capital One was accused in the CFPB lawsuit of misleading customers by promising them that its 360 Savings account offered one of the “best” rates and the “highest rates” of interest across the country, but then freezing the interest rate to a lower level when interest rates rose throughout the United States. CFPB director Rohit Chopra said at the time.
Capital One has denied the accusations, but agreed to a settlement.
According to the proposed settlement $300 million of that amount will be used for fees and payments made to the affected parties based on what each account owner would have received if 360 Performance Savings Account rates had been applied.
The $125,000,000 remaining will be given as “additional interests” to customers who maintain a 360 savings account. Customers will receive an interest rate that is at least twice the average national savings account.
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The post Capital One Ready to Hand Over $425,000,000 to Customers after Receiving Court Approval for Massive Settlement could be updated as new information becomes available.
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