Capital One Reaches $425 Million Settlement: Here's How You Can Claim Your Share
· Telemundo McAllen (KTLM)
A federal judge has approved a $425 million settlement with Capital One in a class-action lawsuit concerning its savings accounts. The approval was granted on April 20, and if no appeals are filed, payments from the settlement are expected to be distributed around July 27, 2026. If an appeal is filed, payments will be delayed until the case is resolved. The $425 million settlement involves the bank's popular 360 Savings accounts, which were allegedly marketed deceptively, costing millions of customers over $2 billion in lost interest. The Consumer Financial Protection Bureau (CFPB) accused Capital One of keeping interest rates on its 360 Savings accounts artificially low while rates were rising nationwide. Capital One denied the allegations but agreed to settle. Anyone who held a 360 Savings account between September 18, 2019, and June 16, 2025, is eligible to participate in the settlement. Payments will be calculated based on the difference in interest earned between the 360 Savings account and the higher-paying 360 Performance Savings account during that period. Attorney fees and administrative costs, which could total up to $63.75 million, will be deducted from the settlement fund before distribution.